Over $250,000: What if I have more than $250,000 in my accounts at FirstCity
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.
Account Hold: I have been advised there is a hold on my account. What does that mean?
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
Account Insurance Status: Is there a method
to verify whether my account(s) at FirstCity Bank are fully insured?
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.
ATM/Debit Card/Checks: Can I continue to write checks or use my ATM/Debit card?
No. All accounts have been closed. You will receive a check from the FDIC
within one week of the closing.
Automatic Payments/Online Billpay: Will my automatic payments through Billpay continue?
No. All accounts have been closed; therefore, you should contact your creditors
to make other arrangements.
Brokered Deposits/Deposit Broker: I am a deposit
broker or I have brokered deposits. What do I need to 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:
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.
Checks not honored: A merchant will not honor my check. What can I do?
All checks will be returned and stamped “Bank Closed.”
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.
Claim Account(s): How do I claim my account(s)?
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.
property can be located by visiting www.missingmoney.com or
contacting your state treasurer’s office or office of unclaimed property.
Customer Impact: How does this failure affect me?
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
Direct Deposit, Social Security: What will
happen to my direct deposits?
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
time they have been processed in the past.
|Closed First City Location
||SunTrust Branch Location
|Henry Towne Center
1860 Jonesboro Road
McDonough, GA 30253
||Eagles Landing North
980 Eagles Landing Parkway
Stockbridge, GA 30281
201 Jackson Street
Thomson, GA 30824
You may also contact SunTrust Bank's dedicated call center at 1-800-991-9586.
Early withdrawal penalty: Will I incur an early withdrawal penalty if I close my CD before
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
Final Statement: How will I get my final
account statement(s) from FirstCity Bank?
You will receive a final statement within one week of the closing.
Interest: Will I continue to earn interest at the same rate?
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.
Interest Checks/Cashier's Checks: Can I cash my interest check or cashier's check?
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.
Internet Connection: Will my Internet connection
to FirstCity Bank work?
All accounts have been closed, and you will no longer have access to the
IRAs: What if I have an Individual Retirement Account (IRA)? Will my savings still be insured?
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.
Lose Any Money: Will I lose anything on my
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.
Outstanding Checks: What will happen to the checks which have not cleared my account?
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.
Records/Account Histories: What if I need
information regarding my account during the time FirstCity Bank was in
Please contact the FDIC at 1-877-367-2719 to request a copy of your records.
Tax Reporting - 1098/1099s: Who will send my 1098 and/or 1099 information after the end of the year?
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.
Uninsured: Will I collect my uninsured deposits?
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
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 (https://closedbanks.fdic.gov/dividends/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.
Wire Transfer: Can funds be wired to me?
No, regretfully, we cannot wire funds directly for individual depositors.
Automatic Payments: Will my automatic payment
still occur on its assigned date?
No. All accounts have been closed. You should contact the FDIC to make
other arrangements for your loan payments.
Construction Loan Draws: Will construction
draws continue? Will my project be completed?
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.
Construction Loan Voucher Control: Will my subcontractors be paid as before?
Each loan is being reviewed independently and will be determined on a
case-by-case basis. You should direct your questions to the FDIC.
Escrows: Will you continue to pay my escrows?
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.
Fees: Are there any changes to fees or charges due to this event?
No. The current fee structure will remain the same.
Foreclosures: Will the FDIC continue foreclosures
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.
Lender and contact names: Who is my lender and has my loan contact changed?
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.
Loan Sales: Will my loan be sold?
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.
Line of Credit Advances – Home Equity: Can
I continue to perform advances on my line of credit?
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.
Loan in Process: I have a loan currently in process. How is my loan impacted?
Please contact your loan officer directly.
Loan Sweeps: Will my loan sweep be discontinued?
This will be determined on a case-by-case basis. Please contact your loan officer.
Overdraft Line of Credit: Will my overdraft line of credit continue to cover my overdrafts?
No. All accounts have been closed.
Payments: How and where do I make my payments?
You should continue to make your payments as agreed. Make checks payable
to FirstCity Bank and utilize the same payment address information.
Pre-payment Penalty: If I refinance with another lender, will my pre-payment penalty be waived?
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
SBA Application in Process: What will happen to my SBA loan application in process?
The FDIC as Receiver for FirstCity Bank will not be originating any new
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.
What Happens Now: What will happen to my loan?
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.
All-Deposit Transfer versus Insured Deposit Transfer: Why do all deposits, insured and uninsured, pass is some transactions but not in others?
When a buyer cannot be found for a failed bank, the FDIC honors its obligation
to insured depositors by mailing an insurance check.
FDIC Insurance: How can I find out more about Federal Deposit Insurance rules?
You may access our website, which contains deposit insurance information and
an Electronic Deposit Insurance Estimator (EDIE):
You may also order any FDIC publication:
|FDIC Public Information Center
3501 North Fairfax Drive
Arlington, VA 22226
Media: I represent a TV/Newspaper/Radio and would like some information.
Please contact the Office of Public Affairs:
Shareholders: I am a shareholder in FirstCity
Bancorp, Inc. What happens to my shares?
The FirstCity Bank had no publicly owned stock. Equity shareholders were
invested in the holding company, FirstCity Bancorp, Inc., Stockbridge,
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
Unpaid Bill: I did some work for FirstCity Bank
and have not yet been paid. What should I do?
Please send your bills to the following address:
|FDIC as Receiver for FirstCity Bank
1601 Bryan Street
Dallas, TX 75201
What happened? Why did the bank fail?
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.
Work for FDIC – Contract or Employment: How can I apply to work for FDIC as a contractor or employee?
You may access information about doing business with the FDIC at
You must also register in the Central Contractor Registration database at
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
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).