Failed Bank Information
Information for First Priority Bank, Bradenton, FL
- Press Release
- Is My Account Fully Insured?
- Acquiring Financial Institution
- Question and Answer Sheet
- 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 Priority Bank Contact Information
- 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.
On August 1, 2008, First Priority Bank, Bradenton, FL was closed by the Florida Office of Financial Regulation 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-65-2008) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact David Barr with the Office of Public Affairs at 202-898-6992 or Andrew Gray in Florida, at 202-494-1049.
III. Is My Account Fully Insured?
This link will allow you to verify the insurance status of each of your accounts. This link will be available for use no later than the first business day after bank failure.
Simply enter your account number in the search screen. If you receive the message that "your account is fully insured" a link will appear that provides you with additional information. If you receive the message that you should contact the FDIC, then a link will appear that provides you contact information.
IV. Acquiring Financial Institution
All insured non-brokered deposit accounts have been transferred to SunTrust Bank based in Atlanta, Georgia ("assuming institution") and will be available immediately. Your bank will re-open on Monday during regular business hours at the former First Priority Bank main office and branch locations.
Principal and interest on insured accounts, through August 1, 2008, are fully insured by the FDIC, up to the insurance limit of $100,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts can be insured for more than the $100,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.
All accounts that exceed the $100,000 insurance limit, and/or all accounts that appear to be related and exceed this limit, are reviewed by the FDIC to determine their ownership and insurance coverage. If you think you might have uninsured deposits you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 800-837-0215. The Claim Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.
FDIC Call Center
Hours of Operation
All Hours are Eastern Time
Friday, August 1, 2008: 6:00 p.m. – 9:00 p.m.
Saturday - Sunday, August 2 - 3, 2008: 8:00 a.m. – 8:00 p.m.
Thereafter: 8:00 a.m. – 10:00 p.m.
If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of First Priority Bank. This means that you will eventually recover some of your uninsured funds.
To find out more about FDIC Deposit Insurance:
- Visit EDIE the FDIC's Electronic Deposit Insurance Estimator
- View the FDIC Deposit Insurance Coverage Video
Checks that were drawn on First Priority Bank will be honored up to your available balance or the insured amount. You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with SunTrust Bank. A hold may be in place on deposits accounts due to delinquent loans where the depositor is the borrower or guarantor. Additionally, any account pledged as collateral for a loan will be held.
VI. Banking Services
The Automated Teller Machines (ATM) will remain available.
As of August 4, 2008 you may continue to use the services to which you previously had access, such as, online service, 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 insured balance(s) as if no change had occurred. SunTrust 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 SunTrust Bank, Customer Service Department, at 941-750-6400. An account representative will clear up any confusion about the validity of your checks.
All interest accrued through Friday, will be paid at your same rate. SunTrust Bank will be reviewing rates and will provide further information soon. You will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be transferred automatically to SunTrust Bank. If you have any questions or special requests, you may contact a representative of your assuming institution at 941-750-6400.
VII. Loan Customers
If you had a loan with First Priority Bank, you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to your promissory note with the failed institution. 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 you may call 941-750-6400, option 3.
For all questions regarding new loans and the lending policies of SunTrust Bank, please contact 941-750-6400 or visit the SunTrust Bank website at www.suntrust.com.
VIII. Possible Claims Against the Failed Institution
Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process.
Please note: there are time limits for filing a claim, as specified in the notice.
If you provided a service for First Priority Bank, and have not received a notice, please contact:
Federal Deposit Insurance Corporation
Receiver: First Priority Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
Call toll free 1-800-568-9161
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
IX. Dividend Information
XI. Brokered Deposits
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.