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Failed Bank Information
Bank
Closing Information for First Heritage Bank, N.A., Newport Beach, CA
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- Introduction
- Press Release
- Acquiring Financial Institution
- Question and Answer Sheet
En Espaņol
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Balance Sheet Summary
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| I. Introduction |
| On July 25 2008, First Heritage Bank N.A., Newport Beach, CA was closed by the Office of the Comptroller of the Currency (OCC).
Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information which should help answer many of your questions.
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| II. Press
Release |
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The FDIC has issued a press release (PR-63-2008) about the institution's closure. If you represent a media outlet and would like information about the closure,
in Arizona, please contact David Barr at 703-622-4790 or
in Washington, DC, please contact Andrew
Gray at 202-898-7192 or 202-494-1049. |
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| III. Acquiring Financial Institution |
All deposit accounts have been transferred to
Mutual of Omaha Bank, Omaha, Nebraska ("assuming institution"). All deposit
accounts will be available as usual.
Your transferred deposits will be separately insured from any accounts
you may already have at Mutual of Omaha Bank for six months after the failure
of First Heritage Bank, N.A. Checks that were drawn on First Heritage Bank,
N.A. that did not clear before the institution closed will be honored as
long as there are sufficient funds in the account. You may speak
to an FDIC representative regarding deposit insurance by calling: 1-866-674-8944 or visiting
EDIE the FDIC's Electronic Deposit
Insurance Estimator.
EDIE - FDIC's Electronic Deposit Insurance Estimator
You may withdraw your funds from any transferred account without an early
withdrawal penalty until you enter into a new deposit agreement with Mutual
of Omaha Bank, as long as the deposits are not pledged as collateral for
loans. You may view more information about
Mutual of Omaha Bank. by visiting their web site.
www.mutualofomahabank.com
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| V. Banking Services |
| You may continue to use the services to which you previously had access, such as automatic teller machines (ATMs), safe deposit boxes, night deposit boxes, wire services, etc.
Your checks will be processed as usual. All outstanding checks will be
paid against your available balance(s) as if no change had occurred. Mutual
of Omaha Bank will contact you soon regarding any changes in the terms
of your account. If you have a problem with a merchant refusing to accept
your check, please contact Mutual of Omaha Bank, Customer Service Department,
at the Newport Beach branch at 949-863-9780 or the Los Angeles branch
at 213-628-4500. An account representative will clear up any confusion
about the validity of your checks.
After July 25, 2008, your account will earn interest at a rate determined by
Mutual of Omaha Bank. You will be notified by letter regarding this matter.
Your automatic direct deposit(s) and/or automatic withdrawal(s) should be transferred automatically to your assuming institution. You should contact your assuming institution, however, to discuss your account(s) and to insure that service is not delayed or discontinued.
All your deposit account histories and records will be transferred to
your assuming institution. If your assuming institution requires any additional
signatures or forms, it will notify you. If you have any questions or special
requests, you may contact a representative of Mutual of Omaha Bank
at the Newport Beach branch at 949-863-9780, the
Los Angeles branch at 213-628-4500. |
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| VI. Loan Customers |
| If you had a loan with First Heritage Bank, N.A., you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to in your promissory note with the failed institution. Checks should be made to your former bank and sent to the same address until further notice. |
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| VII. Possible Claims Against the Failed Institution |
| Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process.
Please note: there are time limits for filing a claim, as specified in the notice.
If you provided a service for First Heritage Bank, N.A. and have not received a notice, please contact:
Federal Deposit Insurance Corporation
Receiver: First Heritage Bank,
N.A.
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
Or:
Call toll free 1-800-568-9161 |
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| VIII. Priority of Claims |
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
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| IX. Dividend Information |
No dividends have been paid at this time.
Dividend Information on Failed Financial Institutions |
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| X. Brokered Deposits |
| The FDIC offers a 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 deposited in a failed FDIC Insured Institution.
All deposits passed to Mutual of Omaha Bank. Deposit Broker Processing Guide |
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| General Disclaimer |
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