Enter Search TextSubmitSearch Advanced Search     Home     Deposit Insurance     Consumer Protection     Industry Analysis     Regulations & Examinations     Asset Sales     News & Events     About FDIC

		Home > Industry Analysis > Failed Banks > Failed Bank Information

Failed Bank Information Question and Answer Guide for MetroPacific Bank, Irvine, CA FDIC Call Center Toll free number 1-800-523-8275 Hours of Operation – Pacific Time Friday, June 26, 2009:   Until 9:00 p.m. Saturday, June 27, 2009:   9:00 a.m. – 6:00 p.m. Sunday, June 28, 2009:   Noon – 6:00 p.m. Thereafter:   8:00 a.m. – 8:00 p.m. On June 26, 2009, MetroPacific Bank, Irvine, CA, was closed by the California Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Sunwest Bank, Tustin, CA acquired all the deposits and assets of MetroPacific Bank from the FDIC as Receiver for MetroPacific Bank. Any claims by equity holders were not acquired. Share price does not trigger a bank closing and was not the reason for MetroPacific Bank’s failure. The total balance in your account(s) has been transferred to Sunwest Bank, Tustin, CA and will be available for transactions during regular business hours at the former MetroPacific Bank office starting on Monday, June 29, 2009. You may continue to use your same checks, ATM cards and debit cards until notified. All Direct Deposits, including Social Security checks, will continue as usual.

Account(s): What about my account with MetroPacific Bank?

If you had an account with MetroPacific Bank, you now have an account with Sunwest Bank. All deposit accounts, which include Checking, Savings, Money Market, CDs and Retirement accounts have been transferred to Sunwest Bank, Tustin, CA, regardless of the dollar amount. No one lost any money on deposit in MetroPacific Bank.

Customers of both banks should continue to use their existing branches until Sunwest Bank can fully integrate the deposit records of MetroPacific Bank.

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.

ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with MetroPacific Bank?

Your ATM/debit card will continue to work, and bill paying will work as it has in the past.

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

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:

http://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 1-800-523-8275 and indicate you have a form completion question.

If you are a customer who has a MetroPacific 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.

Direct Deposits - Government Deposits: What will happen to my direct deposits?

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

Existing Deposits at Sunwest Bank: I already have other deposit accounts with Sunwest Bank.  When combined with balances at this bank, my deposits exceed $250,000. Are all funds insured?

The accounts transferred to Sunwest 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.

Interest Rates, Early Withdrawal Penalty: Will I continue to earn interest at the same rate?  Will I be charged an early withdrawal penalty?

Sunwest Bank will review rates and notify you.

You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Sunwest 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.

Loans/mortgages: What about my loan or mortgage with MetroPacific Bank?

All mortgages and loans have been assumed by Sunwest 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 MetroPacific Bank and send your payments to the same address.

Loans in Process: 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.

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

Please contact the Office of Public Affairs:

Outstanding Checks: What about checks that I have written on my account with MetroPacific Bank?

Your checks will clear up to the available balance in your account. You can continue to use your existing checks.

Safe Deposit Boxes: 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.

Shareholders: What about my shares of stock?

Any claims by equity holders were not acquired.

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

Transaction Types: 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 06/26/2009

Customer Service

Home    Contact Us    Search    Help    SiteMap    Forms Freedom of Information Act (FOIA) Service Center    Website Policies    USA.gov

FDIC Office of Inspector General