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Home > Industry Analysis > Failed Banks > Failed Bank Information | |
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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 Claim Agent. You should call the
FDIC to schedule a telephone appointment with an FDIC Claim Agent at 1-877-367-2719.
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 non-interest
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, this website contains samples and instructions for completing
the declarations. If your question is not resolved by going to the website,
please call 1-877-367-2719 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 1-877-367-2719 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. You will receive a check from the FDIC within one week of the closing.
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 1-877-367-2719
and indicate you have a form completion question.
If you are a customer who has a FirstCity Bank 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/firstcity_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 FirstCity Bank, 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 FirstCity
Bank.
The FDIC has arranged for government direct deposits, including Social Security checks, to be redirected to specific branches of SunTrust Bank. You will need to visit a branch of SunTrust to obtain your funds. The schedule below identifies the appropriate SunTrust office you should visit, which depends upon the FirstCity branch that received your direct deposit in the past. You will be required to show appropriate identification to the SunTrust customer service representative to obtain your funds. Please remember these government direct deposit payments will be processed at the same time they have been processed in the past.
| Closed First City Location | SunTrust Branch Location | Distance |
|---|---|---|
| Towne Center (McDonough, GA) |
Henry Towne Center 1860 Jonesboro Road McDonough, GA 30253 1-770-954-3100 |
0.2 Miles |
| Stockbridge | Eagles Landing North 980 Eagles Landing Parkway Stockbridge, GA 30281 1-678-284-1445 |
0.6 Miles |
| Gibson | Jackson Street 201 Jackson Street Thomson, GA 30824 1-706-595-1234 |
16.8 Miles |
You may also contact SunTrust Bank’s dedicated call center at 1-800-991-9586.
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 Friday, March 20, 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 non-interest bearing transaction accounts. Under the Temporary Liquidity Guarantee Program, non-interest bearing transaction accounts are fully insured. Outstanding checks will be added back to any of your account balance and you will receive payment from the FDIC.
All accounts have been closed, and you will no longer have access to the website.
You will receive a separate check from the FDIC for your IRA account, up to $250,000. 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. IRS Publication 590 may be obtained by contacting your local IRS office or via the Internet at www.irs.gov.
Principal and interest on insured accounts, through Friday, March
20, 2009, are protected by the FDIC, 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 Claim 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 FirstCity Bank 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/firstcity_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 1-877-367-2719 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 claim 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 FirstCity Bank. 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 funds directly for individual depositors.
No. All accounts have been closed. You should contact the FDIC 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 the FDIC.
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.
At this point, we have suspended all foreclosure actions in order to properly evaluate the loans and the borrower’s ability to repay. It is our intention to sell all loans, and it will be up to the new owner to determine the best method of collection on the loan. There may be instances where we will continue with the foreclosure process, but this will be done on a case-by-case basis.
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 lines of credit, including 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 FirstCity Bank and utilize the same payment address information.
Any pre-payment penalty will be waived as long as FDIC as Receiver for FirstCity Bank 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 FirstCity Bank 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:
| David Barr 202-898-6992 dbarr@fdic.gov |
The FirstCity Bank had no publicly owned stock. Equity shareholders were invested in the holding company, FirstCity Bancorp, Inc., Stockbridge, GA, and not in the bank. Please do not file a claim with the Receiver, rather contact the holding company’s registered agent with any questions you may have:
| W. David Everitt, Jr. 428 Winged Foot Drive McDonough, GA 30253 |
Please send your bills to the following address:
| FDIC as Receiver for FirstCity Bank 1601 Bryan Street Dallas, TX 75201 |
FirstCity Bank, Stockbridge, GA was closed Friday, March 20, 2009, by the
Georgia Department of Banking and Finance. Subsequently, the Federal Deposit
Insurance Corporation (FDIC) was appointed Receiver. Share price does not
trigger a bank closing and was not the reason for this failure. According
to regulatory policy, there is no advance notice given to the public. Please
see the Georgia Department of Banking and Finance’s Press Release
for more information.
The good news is that no one lost any insured deposits as a
result of the closure of FirstCity Bank. An assuming bank could not be
located; therefore, the FDIC will fulfill its obligation to insured depositors
by mailing checks for their insured amount(s). These checks should be received
within one week of the closing.
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 4/3/2009 | Customer Service |
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