for Chapter 11 bankruptcy. On March 19, 2010, Utah state regulators seized Advanta Bank Corp. The Federal Deposit Insurance Corporation was made the bank's receiver. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $635.6 million. Reorganization The FDIC has arranged with Zions National Bank to accept Government ACH deposits for Advanta Bank Corp. depositors. The credit card accounts that still had balances are now being serviced by Cardworks Servicing, LLC of Pittsburgh, Pennsylvania. Some customers reported "phantom payments" they never made being applied to their account in effort to revalidate the debt and restart the statute of limitations on their several-year-old defaults. On November 2, 2010, Advanta Corp. and its affiliated debtors developed a financial plan. On February, 2011, pursuant to and in accordance with the Joint Plan of Advanta Corp., AC Trust, ASSC Trust and Advanta Finance Trust has made the initial distribution: Advanta National Bank has $100 million in cash and equivalents on hand, also about $138 million of senior retail investment notes and the many offices in the United States, to continues with the banking operations. Advanta Bank Corp. had $2.7 billion portfolio of managed receivables from 360,000 credit cards and other loan customers. On November 4, 2011, AC Trust in the Advanta Corp., commenced Chapter 5 preferential transfer recovery litigation in the District of Delaware. References External links Advanta Bank Corp. closing by FDIC Advanta National Bank per FDIC Advanta Bank FDIC failed list Bank failures in the United States Banks based in Utah Companies that filed for Chapter 11 bankruptcy in 2009 Defunct banks of the United States