Question and Answer Guide
1st Pacific Bank of California, San Diego, CA
FDIC Call Center
Toll free number 1-866-674-8944
Hours of Operation – Pacific Time
Friday, May 7, 2010: Until 9:00 p.m.
Saturday, May 8, 2010: 9:00 a.m. – 6:00 p.m.
Sunday, May 9, 2010: Noon – 6:00 p.m.
Thereafter: 8:00 a.m. – 8:00 p.m.
On Friday, May 7, 2010, 1st Pacific Bank of California, San Diego, CA was closed by the California Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, City National Bank, Los Angeles, CA acquired substantially all the deposits and assets of 1st Pacific Bank of California from the FDIC as Receiver for 1st Pacific Bank of California. Any claims by equity holders were not acquired. Share price does not trigger a bank closing and was not the reason for 1st Pacific Bank of California’s failure.
The total balance in your account(s) has been transferred to City National Bank and will be available for transactions during regular business hours at the former 1st Pacific Bank of California branches.
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 1st Pacific Bank of California?
If you had an account with 1st Pacific Bank of California, you now have an account with City National Bank, Los Angeles, CA. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts, have been transferred to City National Bank, regardless of the dollar amount. No one lost any money on deposit in 1st Pacific Bank of California.
Customers of both banks should continue to use their existing branches until City National Bank can fully integrate the deposit records of 1st Pacific Bank of California.
To forewarn you of any scams, please be advised that you will not receive any notification from the FDIC, the Receiver, or City National Bank to claim/unlock/unsuspend your account or to provide any private information. Please be watchful for and resist any such scams to obtain information from you by individuals or entities purporting to act on behalf of the 1st Pacific Bank of California, City National Bank, or the FDIC.
ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with 1st Pacific Bank of California?
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?
As an All-Deposit Transfer transaction, the total of all
deposit accounts, excluding the Cede & Co. brokered deposits, have been
assumed by City National Bank. The FDIC retained the Cede & Co. brokered
deposits and will pay those accounts off directly.
Be advised, however, that from and after the date of closing, City National Bank will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, City National Bank shall permit depositors, including brokered depositors, impacted by reduced rates to withdraw their deposits without penalty for early withdrawal.
If you are a customer who has a 1st Pacific Bank of California deposit through a broker, you must contact your broker with any questions.
Direct Deposits - Government Deposits: What will happen to my direct deposits?
Direct Deposits, including Social Security checks, will continue as normal.
Existing Deposits at City National Bank: 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 City National 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 grace 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?
Interest on all deposits accrued through Friday, May 7, 2010,
will be paid at your same rate. City National Bank will review
rates. If interest rates will change, you will be notified.
Your interest rate may be reduced.
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.
Loans/mortgages: What about my loan or mortgage with 1st Pacific Bank of California?
All mortgages and loans have been assumed by City National 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 1st Pacific Bank of California 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 1st Pacific Bank of California?
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?
All shares of 1st Pacific Bank of California were owned by its holding company, 1st Pacific Bancorp, San Diego, CA. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of 1st Pacific Bancorp, please do not contact or file a claim with the Receiver. You may contact 1st Pacific Bancorp directly for information as follows:
1st Pacific Bancorp
9333 Genesee Avenue, Suite 300
San Diego, CA 92121
Attn: Investor Relations
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 had been for the FDIC to transfer only the insured deposits in a Purchase and Assumption transaction; however, the temporary increase in the deposit insurance limit has assisted in the transfer of all deposits more often in the past year.
Unpaid Bills: I did some work for the bank and have not been paid. What should I do?
All claims against 1st Pacific Bank of California, together with proof of the claims, must be submitted in writing to the Receiver at the following address:
Federal Deposit Insurance Corporation
Receiver: 1st Pacific Bank of California
1601 N. Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
SCAMS: Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating that they are acting on behalf of either the failed bank, new bank, or the FDIC. If you are contacted by anyone requesting personal information from you related to this event, please contact the FDIC Call Center listed above to report the incident.
For more information: www.fdic.gov/bank/individual/failed/1stpacific.html