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Failed Bank Information Question and Answer Guide for County Bank, Merced, CA En Español FDIC Call Center Toll free number 1-800-591-2820 Hours of Operation – Pacific Time Friday, February 6, 2009:   Until 9:00 p.m. Saturday, February 7, 2009:   9:00 a.m. – 5:00 p.m. Sunday, February 8, 2009:   Noon – 5:00 p.m. Thereafter:   8:00 a.m. – 8:00 p.m. The following answers are provided to the most commonly asked questions by customers. The total balance in your account(s) has been transferred to Westamerica Bank, San Rafael, CA and will be available for transactions as usual during regular business hours starting on Saturday, February 7 at the former County Bank branches that observed Saturday hours. The remaining branches will open as usual on Monday, February 9. You can continue to use your same checks, debit cards and ATM cards until notified. Direct deposits, including Social Security checks, will continue as usual.

What about my account with County Bank?

All deposit accounts, which include Checking, Savings, Money Market, CDs and Retirements accounts have been transferred to Westamerica Bank, San Rafael, CA, regardless of the dollar amount. No one lost any money on deposit in County Bank. You now have an account with Westamerica Bank.

Please note you will not be able to use Westamerica branches until notified. Likewise, existing Westamerica customers will not be able to use the former County Bank branches until notified.

Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any scams to obtain information from you.

What about my checks/ATM/debit card and/or bill paying with County Bank?

Your checks will clear up to the available balance in your account. You can continue to use your existing checks until notified by Westamerica Bank. Your ATM/debit card will continue to work, and bill paying will work as it has in the past.

I am a deposit broker or have brokered deposits. What do I do?

As an All-Deposit Transfer transaction, the total of all deposit accounts, including brokered deposits, have been assumed by Westamerica Bank.

Be advised, however, that from and after the date of closing, Westamerica Bank will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, Westamerica Bank shall permit depositors, including brokered depositors, impacted by reduced rates to withdraw their deposits without penalty for early withdrawal until you enter into a new deposit agreement with your new bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to, or a withdrawal from, your account.

What will happen to my direct deposits?

Direct Deposits will continue as normal, including Social Security checks.

I already have other deposit accounts with the new bank.  When combined with balances at this bank, my deposits exceed $250,000.  Are all funds insured?

The accounts transferred to Westamerica Bank will be separately insured for at least six months after the merger. This grace period gives a depositor the opportunity to restructure the accounts, if necessary.

CDs from the failed bank are separately insured until the earliest maturity date after the end of the six-month grace period.

CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period.

If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.

Will I continue to earn interest at the same rate?  Will I be charged an early withdrawal penalty?

Westamerica Bank will be reviewing rates and will notify you.

You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with your new bank.  Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to, or a withdrawal from, your account.

What about my loan or mortgage with County Bank?

All mortgages and loans have been assumed by Westamerica Bank. Your payment amount and due date are the same. If you are having your payment deducted from your account, it will continue as it has in the past. You should continue to make your checks payable to County Bank and send your payments to the same address.

What happens if I had a loan in process that had not closed or a line of credit not fully funded?

You should contact your loan officer.  All prior contacts remain the same.

I represent a TV/Newspaper/Radio and would like some information.

Please contact the Office of Public Affairs:

How can I claim the contents of my safe deposit box?

It is business as usual.  You can go to your local branch and access your safe deposit box; however, no action on your part is required because of this transaction.

What about my shares of stock, notes or subordinated notes that I own in County Bank?

There was no publicly owned stock in County Bank. If you are an equity shareholder, your shares are in Capital Corporation of the West (Nasdaq CCOW), Merced, CA, the holding company for County Bank, and not the institution. Capital Corporation of the West and the interests of equity, debt holders or other creditors of Capital Corporation of the West are not included in the closure or receivership of the institution. Please do not file a claim with the Receiver, rather contact Capital Corporation of the West directly for information:

All creditor claims against County Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address:

County Bank was closed on February 6, 2009 by the California Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was then appointed Receiver. Subsequent to the closure, Westamerica Bank acquired the assets and most of the liabilities of County Bank from the FDIC as Receiver for County Bank. Any claims by equity holders were not acquired. Please see the California Department of Financial Institutions' press release for more information.

Why do all deposits, insured or not, pass in some transactions but not in others?

The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution.  The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction.  The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.

Last Updated 02/06/2009

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