Deaf Seniors of America Hurt By Bank Failure
Sunday November 16, 2008
Not everything is on the internet. The November 2008 issue of SIGNews has as its cover story, an original article about how the failure of the Silver State Bank in Nevada resulted in a $170,000 loss for the Deaf Seniors of America. Full details are in the SIGNews, www.signews.org.
Comments
Original article? Communication Service of the Deaf is an entity with millions of dollars and lots of assets. Yet, they can’t even write their own article about this one? Is this just recycled goods for the deaf?
SIGNews is published by CSD. The reporter for SIGNews wrote an original article that has not been posted on the internet, and I can not post any further details because the SIGNews is supported by subscriptions.
typically bank accounts are insured by FDIC for up to $100,000 – hopefully that organization had their money in an insured account. I wonder if it was $170K over $100K or an uninsured account such as investment.
More information about this failed bank:
http://www.fdic.gov/BANK/INDIVIDUAL/FAILED/silverstate.html
The Emergency Economic Stabilization Act of 2008 (“EESA 2008”), which raised the FDIC limit to $250K did not apply to Deaf Seniors’ funds at Silver State Bank, as the EESA’s effective date was October 3, 2008, just 27 days after the failure of Silver State Bank. Our office filed suit to appeal the FDIC limitation, and have taken all available steps to retrieve this money.