What about my account with First Piedmont Bank?
If you had an account with First Piedmont Bank, you now have an account with
First American Bank and Trust Company. All deposit accounts, which include Checking, Savings, Money Market, CDs
and Retirement accounts have been transferred to First American Bank and
Trust Company, regardless of the dollar amount. No
one lost any money on deposit in First Piedmont Bank.
Customers of both banks should continue to use their existing branches until First American Bank and Trust Company can fully integrate the deposit records of First Piedmont 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.
ATM/debit card and/or Billpay:
What about my ATM/debit card and/or bill paying with First Piedmont
Your ATM/debit card will continue to work, and bill paying will work as it has in the past.
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 First American Bank and
Be advised, however, that from and after the date of closing,
First American Bank and Trust Company will accrue and pay
interest on deposit liabilities at a rate it shall determine;
accordingly, First American Bank and Trust Company shall permit
depositors, including brokered depositors, impacted by reduced
rates to withdraw their deposits without penalty for early
Direct Deposits - Government Deposits:
What will happen to my direct deposits?
Direct Deposits, including Social Security checks, will continue as normal.
Existing Deposits at First American Bank and Trust
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 First American Bank and Trust
Company 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.
Interest Rates, Early Withdrawal Penalty:
Will I continue to earn interest at the same rate? Will I be charged an early withdrawal penalty?
All interest on insured deposits accrued through Friday, July
17, 2009, will be paid at your same rate. First American Bank
and Trust Company 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.
What about my loan or mortgage with First Piedmont Bank?
All mortgages and loans have been assumed by First American
Bank and Trust Company. 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 First Piedmont Bank and send your payments to the same address.
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.
Media: I represent a TV/Newspaper/Radio and would like some information.
Please contact the Office of Public Affairs:
What about checks that I have written on my account with First
Your checks will clear up to the available balance in your account. You can
continue to use your existing checks.
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.
What about my shares of stock?
Shareholders have a claim against the receivership; however,
they have the lowest priority of claim. You should discuss this
with an accountant and/or the IRS concerning the exact
requirements necessary to recognize the investment as a loss for
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.
I did some work for the bank and have not been paid. What should I do?
All claims against First Piedmont Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address:
|FDIC as Receiver for First Piedmont Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent