Failed Bank Information
Information for First NBC Bank, New Orleans, LA
- Press Release
- Acquiring Financial Institution
- Question and Answer Guide
- Notice to Individual Retirement Account (IRA) Holders IRS Letter to FDIC
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement - PDF
- Bid Summary
- First NBC Bank Contact Information
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.
On Friday, April 28, 2017, First NBC Bank, New Orleans, LA was closed by the Louisiana Office of Financial Institutions, and 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 answer many of your questions.
II. Press Release
The FDIC has issued a press release (PR-034-2017) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact Julianne Breitbeil at (202) 340-2043 or David Barr at (703) 622-4790.
III. Acquiring Financial Institution
All transactional deposit accounts (checking, savings, NOW, and money market) have been transferred to Whitney Bank, Gulfport, MS ("assuming institution") and will be available immediately. Whitney Bank will reopen all 29 branches of First NBC Bank for normal business hours as Whitney Bank in Louisiana (24 branches) and as Hancock Bank In Florida (5 branches).
The FDIC will mail checks for the total balance of time deposit accounts, including certificates of deposit (CDs), individual retirement accounts (IRAs), and brokered deposits, no later than Monday, May 1, 2017, unless your CD secures a loan. Checks will be mailed to your address of record with the bank. There will be no early withdrawal penalty.
Your transferred deposits will be separately insured from any accounts you may already have at Whitney Bank for at least six months after the failure of First NBC Bank. Checks that were drawn on First NBC Bank 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.
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Whitney Bank as long as the deposits are not pledged as collateral for loans. You may view more information about Whitney Bank by visiting their web site.
V. Notice to Individual Retirement Account (IRA) Holders
As you are aware, on April 28, 2017, the Louisiana Office of Financial Institutions closed First NBC Bank and appointed the FDIC as Receiver. As the holder of one or more IRAs at First NBC Bank, you should have received an IRA distribution from the FDIC in the amount of the balance of your IRA(s), including accrued interest.
If you plan to transfer, or “roll over,” your First NBC IRA balance(s) to another IRA, there are important Internal Revenue Service (IRS) rules and deadlines that you should be aware of. These are discussed below.
Please note that the FDIC is not able to offer individual tax advice and that the following information is provided as general guidance to be helpful to you and your tax advisors. It does not constitute tax advice. If you have any questions concerning the possible tax consequences of your IRA distribution, you should contact the IRS or your tax advisor. Additional information on IRAs is available on the IRS website.
60-Day Rollover Rule:
The IRS rules require that you roll over your IRA distribution by depositing those funds in another IRA account within 60 days following the date of receipt of a distribution in order to avoid taxation and potential penalties. Amounts not rolled over within the 60-day period will generally be treated as taxable and may be subject to early withdrawal penalties as well.
According to IRS rules, the 60-day period starts on the day after you received your distribution. For example, if you received your check on May 5, the 60-day period begins on May 6 and ends on July 4.
Failed Bank Distribution Exception to the IRA Rollover Limit Rule:
Under IRS rules, a taxpayer is limited to only one tax-free IRA rollover within a 12-month period, regardless of the number of IRA accounts they own. However, the IRS recently confirmed in a letter to the FDIC (IRS Letter to FDIC) that IRA distributions from a failed financial institution by the FDIC are not subject to the “one-rollover-per-year” limitation.
Therefore, if you have already made a tax-free IRA rollover in the past 12 months-or are planning to do so in the next 12 months-you will incur no tax liability for transferring your First NBC IRA balance to another IRA, as long as the rollover is completed within the applicable 60-day period.
2017 Tax Reporting (Form 1099-R):
For those IRA distributions that require information reporting to the IRS, Whitney Bank will prepare and distribute Form 1099-R. The 1099-R form will be mailed to your address of record no later than January 31, 2018. Questions regarding tax reporting related to your IRA distribution should be directed to Whitney Bank Customer Service 1-800-448-8812.
As noted above, if you have questions regarding the tax consequences of your specific IRA distribution from First NBC Bank, please contact the IRS or your tax advisor. If you have questions or concerns about your IRA balance, please contact the FDIC’s Claims Hotline at (972) 761-2112.
VI. Banking Services
The Automated Teller Machines (ATM) and online service will remain available.
The bank will maintain its regular business hours, and you may continue to use the services to which you previously had access, such as 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. 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.
All interest accrued through Friday, April 28, 2017 will be paid at your same rate. Whitney Bank will be reviewing rates. You will be notified of any changes.
Your direct deposits and automatic withdrawals will be transferred to your new bank. If you have any questions or special requests, you may contact a representative of your new bank at your branch office.
VII. Loan Customers
If you had a loan with First NBC Bank, 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. If you have further questions regarding an existing loan, please contact your loan officer.
For all questions regarding new loans and the lending policies of Whitney Bank, please contact your branch office. Please see A Borrower's Guide to an FDIC Insured Bank Failure for additional information.
VIII. Possible Claims Against the Failed Institution
TO THE CREDITORS OF THE FAILED INSTITUTION
All creditors having claims against the Failed Institution must submit their claims in writing, together with proof of the claims, to the Receiver at the following address:
FDIC as Receiver for First NBC Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent
Please note: There are time limits for filing a claim, your claim must be filed on or before
If you or your company provided a service or product, leased space, furniture, or equipment to First NBC Bank prior to April 28, 2017 and have not been paid, you may have a claim against First NBC Bank.
NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.
TO FIRST NBC BANK HOLDING COMPANY INVESTORS
All shares of First NBC Bank were owned by its holding company, First NBC Bank Holding Company, New Orleans, LA. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of First NBC Bank Holding Company, please do not contact or file a claim with the Receiver. You must contact First NBC Bank Holding Company directly for information as follows:
First NBC Bank Holding Company
P.O. Box 61035
New Orleans, LA 70161-1035
IX. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
X. Dividend Information
No dividends have been declared at this time.
XI. Brokered Deposits
Brokered deposits will be paid by the FDIC. If you are a customer who has a First NBC deposit through a broker, you must contact your broker with any questions.
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.