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Home > Industry Analysis > Failed Banks > Failed Bank Information | |
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You should call the FDIC to schedule a telephone appointment with an FDIC Claims Agent at 1-800-523-8089.
If you have more than $250,000 in your interest-bearing account, or if the total of your related interest-bearing accounts exceeds $250,000, your accounts may require review by an FDIC Claims Agent.
If you have an interest-bearing account or group of interest-bearing accounts that exceeds $250,000, you may need to complete certain declarations or affidavits and provide documentation so that the FDIC can make an insurance determination on your account(s).
If you are an investor with a deposit broker, you may need to complete one of these forms only if your investment exceeds $250,000. However, you must mail your form to your deposit broker for submission to the FDIC.
If your deposits DO NOT exceed $250,000, or if your deposits are in a noninterest-bearing transaction account(s) you DO NOT need to complete these documents or contact the FDIC.
An account hold may be placed on an account due to the need for additional documentation from a depositor. For example, a Declaration for Trust form may be required to attest to the parties involved in a trust. These forms can be mailed to you, or you can access them online at:
Deposit Claims (www.fdic.gov/regulations/laws/forms/#DepositClaims).
If you have a question regarding the completion of required affidavits or declarations,
please call 1-800-523-8089 and indicate you have a form completion question.
It is possible a depositor's account was held due to delinquent loans where the depositor is the borrower or guarantor. Additionally, any account pledged as collateral for a loan will continue to be held. A letter will be sent informing you of any holds placed by the FDIC, along with instructions on how to proceed. If you have any questions regarding these holds, please call your loan officer or the FDIC at the number provided in the letter.
Another reason an account hold may be placed is due to the need for additional documentation from a depositor. For example, a Declaration for Trust form may be required to attest to the parties involved in the trust. Please contact the FDIC at 1-800-523-8089 to schedule a telephone appointment.
A tool, Is My Account Fully Insured? (https://www2.fdic.gov/drrip/afi/index.asp), is available that allows failed bank customers the ability to verify whether their account is fully insured or if they need to contact the FDIC. This service will be available for use no later than the first business day after the bank's failure. Once you enter your account number, your insurance status for that account will appear. If there is a hold on your account, it may be due to the need for the additional documentation referenced in question number one. If there is a hold, you will need to contact the FDIC at 1-877-367-2719 to schedule a telephone appointment.
No. All accounts have been closed. The FDIC will mail you a check on Monday, April 27, 2009.
No. All accounts have been closed; therefore, you should contact your creditors to make other arrangements.
Brokered deposits will be held by the FDIC, and those insured deposits will be paid off when the insurance determination is complete. The FDIC offers an online reference guide to deposit brokers acting as agents for their investor clientele. This site outlines the FDIC’s policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts in a failed FDIC-insured institution. Please read the following Deposit Broker Processing Guide completely before contacting the FDIC with questions:
Deposit Broker
Processing Guide (www.fdic.gov/deposit/deposits/brokers/index.html)
Should you have any questions regarding the completion of required affidavits or declarations on behalf of your client, please call 1-800-523-8089 and indicate you have a form completion question.
If you are a customer who has a First Bank of Beverly Hills deposit through a broker, you must contact your broker with any questions. Once the FDIC receives a balanced investor file along with all the required documentation, from your broker, your insured funds will be wired to them on your behalf.
All checks will be returned and stamped "Bank Closed." This document is a letter (www.fdic.gov/bank/individual/failed/beverlyhills_return_checks_letter.html) you can provide to your creditors explaining that checks were returned through no fault of your own due to the bank closing, and this is no reflection on you.
You will receive a check from the FDIC within one week of the closing. Please be advised that this money will be turned over to your state as unclaimed property if this check is not cashed within 18 months. Unclaimed property can be located by visiting www.missingmoney.com or contacting your state treasurer's office or office of unclaimed property.
All accounts have been closed, and you will receive a check from the FDIC within one week of the closing.
If you had a loan with First Bank of Beverly Hills, please continue to make your payments to the same address as you have in the past until you are instructed otherwise. Continue to make your checks payable to First Bank of Beverly Hills.
The FDIC has arranged for all government direct deposits, including Social Security checks, to be redirected to Wells Fargo Bank. These will be processed at the same time they have been processed in the past. You may contact them at 1-818-222-5091.
| Wells Fargo Bank 23701 Calabasas Road Calabasas, CA 91302 |
Your CD will automatically be closed, and you will receive a check from the FDIC within one week of the closing. You will NOT be assessed an early withdrawal penalty.
You will receive a final statement within one week of the closing.
All interest on insured deposits accrued through April 24, 2009, will be paid at your same rate. This will be included in the check you will receive from the FDIC within one week of the closing.
No, these checks will not clear. However, official checks (those issued by institutions – for example, cashiers' checks, certified checks, money orders) meet the definition of noninterest-bearing transaction accounts. Under the Temporary Liquidity Guarantee Program, noninterest-bearing transaction accounts are fully insured. Holders of these checks should contact the FDIC at the following address or by telephone to have these checks replaced:
FDIC
1601 Bryan Street
Dallas, TX 75201
(972) 761-2112
Outstanding checks will be added back to any of
your account balances, and you will receive payment from the
FDIC.
All accounts have been closed, and you will no longer have access to the website.
From the date a check is issued to you from your IRA, you have 60 days to roll this over into another retirement vehicle. You should consult IRS Publication 590 and/or your tax advisor concerning the possible tax consequences of such distribution. This publication specifically addresses this situation; therefore, you should review it carefully. IRS Publication 590 may be obtained by contacting your local IRS office or via the Internet at www.irs.gov.
IRA funds are insured separately from other types of accounts up to $250,000. IRA checks for the insured amount will be mailed to your address on record with the bank on Monday, April 27, 2009.
Principal and interest on insured accounts, through April 24, 2009, are protected by the FDIC, to at least $250,000. All transferred accounts are insured to at least $250,000. Certain entitlements and different types of accounts can be insured in excess of the $250,000.
If you have more than $250,000 in your interest bearing account (or $250,000 in your IRA), or if the total of your related interest bearing accounts exceeds $250,000, your accounts may require review by an FDIC Claims Agent. All accounts that appear to be related are reviewed to determine ownership and insurance coverage. See question number one for information regarding forms you may need to complete to expedite this process.
Checks that were drawn on First Bank of Beverly Hills that did not clear before the institution closed will be returned indicating "Bank Closed." This document is a letter (www.fdic.gov/bank/individual/failed/beverlyhills_return_checks_letter.html) you can provide to your creditors explaining the bank was closed, and checks have been returned through no fault of your own. You should contact your vendors as soon as possible.
Please contact the FDIC at 1-800-523-8089 to request a copy of your records.
The FDIC will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
If you have a loan in the same name as your uninsured deposit account, it may be possible to offset your uninsured amount against your loan. You should discuss this with your Claims Agent during your appointment.
If it is determined that you have some uninsured funds, the FDIC will mail you a Receivership Certificate. This certificate entitles you to share proportionately in any funds recovered through the sale of the assets of First Bank of Beverly Hills. You may eventually recover more of your uninsured funds as assets are liquidated.
When a financial institution is closed, and the Federal Deposit Insurance Corporation ("FDIC") is appointed as receiver, one of FDIC's responsibilities is to sell the institution's assets to pay the depositors and its creditors. The money generated by the sale of these assets will flow through the Receivership, and periodic dividend payments will be made to proven claimants when excess cash is available. For an explanation of the dividend process, go to
FDIC Dividends from Failed Banks (http://www2.fdic.gov/divweb/index.asp).
Of course, you will receive immediate full payment for your insured amount by check directly from the FDIC.
If you have a deposit through a broker, your insured funds will be wired to your broker on your behalf once the FDIC receives all required documentation from your broker.
No, regretfully, we cannot wire your funds.
No. All accounts have been closed. You should contact your loan officer to make other arrangements for your loan payments.
Each loan is being reviewed independently, and you should direct your questions to your loan officer. These will be determined on a case-by-case basis.
Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer.
All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance were not paid, please notify your loan officer immediately.
No. The current fee structure will remain the same.
Your loan is currently owned by the FDIC and is being serviced by all of the same personnel with whom you have worked in the past. All prior contacts remain the same.
Your loan may be sold at a future undetermined date. If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer will be, you have the right to independently refinance your loan with another lender.
No. All Home Equity Lines of Credit (HELOCs) have been suspended. You should contact another financial institution to discuss establishing a borrowing relationship.
Please contact your loan officer directly.
This will be determined on a case-by-case basis. Please contact your loan officer.
No. All accounts have been closed.
You should continue to make your payments as agreed. Make checks payable to First Bank of Beverly Hills and utilize the same payment address information.
Any pre-payment penalty will be waived as long as FDIC as Receiver for First Bank of Beverly Hills has control of the asset, and the borrower obtains refinancing of the outstanding balance on the account with another financial institution.
The FDIC as Receiver for First Bank of Beverly Hills will not be originating any new loans.
If your loan has been approved by the SBA, but is not yet funded, please contact your loan officer. He will direct you to the proper SBA contact to help you locate another approved lender.
If your loan is in process, but is not yet approved by the SBA, we will
release your SBA package on file with us to you, and you will need to apply
with another SBA-approved lender. Please contact your loan officer to make
arrangements to retrieve your application from the bank.
Each loan is currently being reviewed independently to determine the best action for that individual loan. If you are concerned about whom your future lender or servicer may be, you have the right to independently refinance your loan with another lender.
When a buyer cannot be found for a failed bank, the FDIC honors its obligation to insured depositors by mailing an insurance check.
You may access our website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE):
| Deposit Insurance | (www.fdic.gov/deposit/index.html) |
| Are my deposits insured? | (www.fdic.gov/deposit/deposits/index.html) |
| EDIE | (www.myfdicinsurance.gov) |
You may also order any FDIC publication:
| FDIC Public Information Center 3501 North Fairfax Drive Room E-1002 Arlington, VA 22226 703-562-2200 Phone 703-562-2296 Fax publicinfo@fdic.gov |
Please contact the Office of Public Affairs:
| Andrew Gray 202-898-7192 angray@fdic.gov |
The First Bank of Beverly Hills had no publicly owned stock. Equity shareholders were invested in the holding company, Beverly Hills Bankcorp Inc., Calabasas, CA, and not in the bank. Please do not file a claim with the Receiver, rather contact the holding company with any questions you may have:
| Beverly Hills Bankcorp Inc. 23901 Calabasas Road Suite 1050 Calabasas, CA 91302 1-818-223-8084 |
Please send your bills to the following address:
| FDIC as Receiver for First Bank of Beverly Hills 40 Pacifica Irvine, California 92618 |
You may access information about doing business with the FDIC at
Procurement
Opportunities (www.fdic.gov/buying/goods/opportunities/index.html)
You must also register in the Central Contractor Registration database at
www.ccr.gov.
Entry into the database is not a guarantee that a contractor will receive a future solicitation.
You may also call 1-866-308-4470 for more information or send an email to
ProcurementOpportunities@fdic.gov.
Please include a statement of your corporate capabilities, contact information and Minority
or Women-Owned Business (MWOB) status, if any.
To review positions currently available at the FDIC, visit
Careers at FDIC (www.fdic.gov/about/jobs/index.html).
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Last Updated 04/27/2009 | Customer Service |
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