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If a bank purchases the accounts of another bank via the FDIC, would all security agreements and UCC filing statements have to be re-done with the new creditor’s name? – IBA Compliance Connection

IBA Compliance Connection

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If a bank purchases the accounts of another bank via the FDIC, would all security agreements and UCC filing statements have to be re-done with the new creditor’s name?

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We spoke to the FDIC’s Closed Banks and Asset Sales department in Dallas. They said that it would not be necessary to file new UCC filing statements or security agreements. A purchase and assumption agreement should govern the transaction, and there is language in that agreement to cover the security agreements acquired by the purchasing bank. If you would like to speak to an attorney at the FDIC about your bank’s acquisition, you can call their Dallas office at (800)568-9161, and they should be able to pull the purchase and assumption agreement if you give them the bank name and date of acquisition.