Question and Answer Guide
Proficio Bank, Cottonwood Heights, UT
The following list of responses to frequently asked questions may assist you in understanding what is happening at Proficio Bank.
On Friday, March 3, 2017, Proficio Bank, Cottonwood Heights, UT was closed by the Utah Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Cache Valley Bank, Logan, UT acquired all the deposits and substantially all the assets of Proficio Bank from the FDIC as Receiver. All shares of stock were owned by the holding company, which was not involved in this transaction.
YOUR MONEY IS SAFE! No one lost any money on deposit as a result of the closure of this bank. All deposits, regardless of dollar amount, were transferred to Cache Valley Bank.
ACCESS TO YOUR MONEY: You may continue to use your outstanding checks and they will clear up to the balance in your account. Your ATM/Debit card will continue to work as usual. The total balance in your account(s), including checking, savings, money market, Certificates of Deposit, and retirement accounts, has been transferred to Cache Valley Bank and will be available for transactions during regular business hours at the former bank branches.
DIRECT DEPOSITS: All direct deposits, for example, social security, payroll, veterans' benefits, disability, unemployment or any payment you receive electronically will continue as usual.
AUTOPAYMENTS/BILL PAY/ONLINE BANKING: These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by Cache Valley Bank.
INTEREST RATES: Interest on deposits accrued through close of business on March 3, 2017 will be paid at your same rate. Proficio Bank’s rates will be reviewed by Cache Valley Bank and may be lowered; however, you will be notified in writing of any changes. You may withdraw funds from any transferred account, regardless of whether your interest rate changes, without early withdrawal penalty until you enter into a new deposit agreement with Cache Valley Bank.
BROKERED DEPOSITS: The total of all deposit accounts, including any brokered deposits, has been assumed by Cache Valley Bank. If you are a customer who has a Proficio Bank deposit through a broker, you must contact your broker with any questions.
TAX REPORTING – 1098 AND/OR 1099: Cache Valley Bank 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.
SAFE DEPOSIT BOXES: You may continue to access your safe deposit box during normal business hours. Any changes will be communicated by Cache Valley Bank.
OVERDRAFT LINES OF CREDIT: These lines have been transferred to Cache Valley Bank. Please contact Cache Valley Bank if you have additional questions regarding your accounts.
LOAN PAYMENTS: You should continue to make your payments according to the terms of your written contract. You may continue to make your payments at the branch office or send them to the same payment address with checks made payable to Proficio Bank.
ESCROW PAYMENTS: All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance was not paid, notify your loan officer immediately.
LOANS IN PROCESS: Please contact your current loan officer directly.
SHARES OF STOCK: All shares of stock were owned by the holding company, NHB Holdings, Inc., Cottonwood Heights, UT. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder, please do not contact or file a claim with the receiver. You must contact the holding company directly for more information:
NHB Holdings, Inc.
6985 Union Park Center #150
Cottonwood Heights, UT 84047
CLAIMS: Please send claims to the following address:
FDIC as Receiver for Proficio Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent
DEPOSIT INSURANCE INFORMATION: If you have accounts in both Proficio Bank and Cache Valley Bank, they will be insured separately for at least six months following the merger of the banks. This will allow you time to restructure your accounts if necessary.
ADDITIONAL QUESTIONS: You may contact the FDIC Call Center number below with any additional questions:
FDIC Call Center Toll free number 1-800-930-5170 Hours of Operation – Mountain Time Zone Friday, March 3, 2017: Until 9:00 p.m. Saturday, March 4, 2017: 9:00 a.m. – 6:00 p.m. Sunday, March 5, 2017: Noon – 6:00 p.m. Monday, March 6, 2017: 8:00 a.m. – 8:00 p.m. Thereafter: 9:00 a.m. – 5:00 p.m.
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 Proficio Bank, Cache Valley Bank, or the FDIC. If you are contacted by anyone requesting personal information from you related to this event, please contact the FDIC Call Center number listed above to report the incident.
For more information: https://www.fdic.gov/bank/individual/failed/proficio.html