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Federal Deposit
Insurance Corporation

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

Question and Answer Guide

Mirae Bank, Los Angeles, CA

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FDIC Call Center
Toll free number 1-800-930-1848
Hours of Operation – Pacific Time
Friday, June 26, 2009:  Until 9:00 p.m.
Saturday, June 27, 2009:  9:00 a.m. – 6:00 p.m.
Sunday, June 28, 2009:  Noon – 6:00 p.m.
Thereafter:  8:00 a.m. – 8:00 p.m.

The following answers are provided to the most commonly asked questions by customers of the failed bank. The total balance in your account(s) has been transferred to Wilshire State Bank, Los Angeles, California and will be available for transactions during regular business hours at the former Mirae Bank 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.

On June 26, 2009, Mirae Bank was closed by the California Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Wilshire State Bank acquired the assets and most of the liabilities of Mirae Bank from the FDIC as Receiver for Mirae Bank. Any claims by equity holders were not acquired.

Account(s): What about my account with Mirae Bank?

If you had an account with Mirae Bank, you now have an account with Wilshire State Bank. All deposit accounts, which include Checking, Savings, Money Market, CDs and Retirement accounts have been transferred to Wilshire State Bank, Los Angeles, California, regardless of the dollar amount. No one lost any money on deposit in Mirae Bank.

Customers of both banks should continue to use their existing branches until Wilshire State Bank can fully integrate the deposit records of Mirae Bank.

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 scams to obtain information from you.

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ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with Mirae Bank?

Your ATM/debit card will continue to work, and bill paying will work as it has in the past.

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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, including brokered deposits, have been assumed by Wilshire State Bank.

Be advised, however, that from and after the date of closing, Wilshire State Bank will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, Wilshire State Bank shall permit depositors, including brokered depositors, impacted by reduced rates to withdraw their deposits without penalty for early withdrawal.

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Direct Deposits - Government Deposits: What will happen to my direct deposits?

Direct Deposits will continue as normal, including Social Security checks.

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Existing Deposits at Wilshire State 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 Wilshire State 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 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.

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Interest Rates, Early Withdrawal Penalty: Will I continue to earn interest at the same rate?  Will I be charged an early withdrawal penalty?

Wilshire State Bank will review rates and notify you.

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. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to, or a withdrawal from, your account.

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Loans/mortgages: What about my loan or mortgage with Mirae Bank?

All mortgages and loans have been assumed by Wilshire State 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 Mirae Bank and send your payments to the same address.

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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.

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Media: I represent a TV/Newspaper/Radio and would like some information.

Please contact the Office of Public Affairs:

David Barr

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Outstanding Checks: What about checks that I have written on my account with Mirae Bank?

Your checks will clear up to the available balance in your account.  You can continue to use your existing checks.

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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.

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Shareholders: What about my shares of stock, notes or subordinated notes that I own in Mirae Bank Holding Company?

There was no publicly owned stock in Mirae Bank. If you are an equity shareholder, your shares are in Mirae Bank Holding Company, Los Angeles, California, the holding company for Mirae Bank, and not the institution. Mirae Bank Holding Company and the interests of equity, debt holders or other creditors of Mirae Bank Holding Company are not included in the closure or receivership of the institution. Please do not file a claim with the Receiver, rather contact Mirae Bank Holding Company directly for information:

Mirae Bank Holding Company
3255 Wilshire Blvd., #1100
Los Angeles, CA 90010

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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 is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.

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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. Should you be contacted by anyone requesting personal information from you related to this event, please contact the call center above and you will be directed to the appropriate person.

For more information:

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