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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Failed Bank Information

Information for Downey Savings and Loan Association, F.A., Newport Beach, CA

  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Question and Answer Guide
  5. Banking Services
  6. Loan Customers
  7. Possible Claims
  8. Dividend Information
  9. Qualified Financial Contracts
  10. Purchase and Assumption Agreement (239 KB PDF File - PDF Help)
  11. Single Family Loss Share Agreement (308 KB PDF File - PDF Help)
  12. Balance Sheet Summary

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 Phishing Scams to obtain information from you.

I. Introduction

On November 21, 2008, the banking operations of Downey Savings and Loan Association, F.A. - Newport Beach, CA was sold in a transaction facilitated by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC).

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 answer many of your questions.

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II. Press Release

The FDIC has issued a press release (PR-124-2008)  about this transaction.  If you represent a media outlet and would like information about the transaction, please contact David Barr at 202-898-6992.

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III. Acquiring Financial Institution

All deposit accounts and all loans have been transferred to U.S. Bank, National Association, Cincinnati, OH.  All former Downey Savings banks will reopen for normal business hours as branches of U.S. Bank.

Your transferred deposits will be separately insured from any accounts you may already have at U.S. Bank for six months after the sale of Downey Savings. Checks that were drawn on Downey Savings that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative by calling (888) 206-4662.

For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

EDIE - FDIC's Electronic Deposit Insurance Estimator

You may view more information about the acquiring institution by visiting their web site.

U.S. Bank (

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V. Banking Services

The Automated Teller Machines (ATM) and online services will remain available.

You may continue to use the services to which you previously had access, such as, safe deposit boxes, night deposit boxes, wire services, etc, as normally available at each branch.

Your checks will be processed as usual.  All outstanding checks will be paid against your available balance(s) as if no change had occurred.  Your new 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 your branch office.  An account representative will clear up any confusion about the validity of your checks.

U.S. Bank will be honoring all existing CD rates.

Your automatic direct deposit(s) and/or automatic withdrawal(s) will be transferred automatically to your new bank.  If you have any questions or special requests, you may contact a representative of your assuming institution at your branch office.

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VI. Loan Customers

If you had a loan with Downey Savings, you should continue to make your payments as usual.  The terms of your loan will not change because they are contractually agreed to in your promissory note.  Checks should be made payable as usual and sent to the same address until further notice.

For all questions regarding new loans and the lending policies of U.S. Bank, please contact your branch office.

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VII. Possible Claims Against the Failed Institution

Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership

SUMMARY: The FDIC has determined that insufficient assets exist in the receivership of Downey Savings and Loan Association, F.A., Newport Beach, California, to make any distribution to general unsecured claims, and therefore such claims will recover nothing and have no value.

DATES: The FDIC made its determination on July 26, 2010.

FOR FURTHER INFORMATION CONTACT: If you have questions regarding this notice, you may contact an FDIC Claims Agent at (972) 761-8677. Written correspondence may also be mailed to

FDIC as Receiver of Downey Savings and Loan Association, F.A.
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent

(888) 206-4662

SUPPLEMENTARY INFORMATION: On November 21, 2008, Downey Savings and Loan Association, F.A., Newport Beach, California (FIN #10023), was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation ("FDIC") was appointed as its Receiver. In complying with its statutory duty to resolve the institution in the method that is least costly to the deposit insurance fund, see 12 U.S.C. 1823(c)(4), the FDIC facilitated a transaction with U.S. Bank, National Association, Minneapolis, Minnesota, to acquire the deposits and most of the assets of the failed institution. Section 11(d)(11)(A) of the Federal Deposit Insurance Act, 12 U.S.C. 1821(d)(11)(A), sets forth the order of priority for distribution of amounts realized from the liquidation or other resolution of an insured depository institution to pay claims. Under the statutory order of priority, administrative expenses and deposit liabilities must be paid in full before any distribution may be made to general unsecured creditors or any lower priority claims. The FDIC has determined that the assets of Downey Savings and Loan, F.A. are insufficient to make any distribution on general unsecured claims and therefore such claims, asserted or unasserted, will recover nothing and have no value.

Federal Register / Vol. 75, No. 147 / Monday, August 2, 2010 / Notices 45114

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IX. Dividend Information

Dividend History on Downey Savings and Loan Association

Dividend Information on Failed Financial Institutions

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X. Qualified Financial Contracts

In connection with the sale of virtually all the assets of Downey Savings and Loan Association, F.A., Newport Beach, CA, to U.S. Bank, National Association, the FDIC transferred to U.S. Bank all Qualified Financial Contracts to which Downey Savings was a party. Qualified Financial Contracts include swaps, options, futures, forwards, repurchase agreements and any other Qualified Financial Contract as defined in 12 U.S.C. Section 1821(e)(8)(D).

See related FDIC press release, dated November 21, 2008, for further information regarding the Downey Savings Acquisition.

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General Disclaimer

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