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Federal Deposit
Insurance Corporation

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

Question and Answer Guide

Republic Federal Bank, National Association, Miami, FL

En Español

FDIC Call Center
Toll free number 1-800-913-3072
Hours of Operation – Eastern Time
Friday, December 11, 2009: Until 9:00 p.m.
Saturday, December 12, 2009: 9:00 a.m. – 6:00 p.m.
Sunday, December 13, 2009: Noon – 6:00 p.m.
Thereafter:8:00 a.m. – 8:00 p.m.

Is My Account Fully Insured? (www5.fdic.gov/drrip/afi/index.asp)
En Español (www5.fdic.gov/drrip/afi/Account_Searchs.asp)

Electronic Deposit Insurance Estimator   (www.fdic.gov/edie)

Republic Federal Bank, N.A., Miami, FL was closed Friday, December 11, 2009, by the Office of the Comptroller of the Currency (OCC). Subsequently, the Federal Deposit Insurance Corporation (FDIC) was appointed Receiver.

No one lost any deposits as a result of the closure of Republic Federal Bank, N.A. To protect depositors, the FDIC Board of Directors approved the assumption of ALL of Republic Federal Bank, N.A. deposits by 1st United Bank, headquartered in Boca Raton, FL.

The total balance in your account(s) has been transferred to 1st United Bank and will be available for transactions during regular business hours at the former Republic Federal Bank, N.A. branches starting on Monday, December 14, 2009.

You may continue to use your same checks, ATM and debit cards until notified.

All Direct Deposits, including Social Security checks, will continue as usual.

To forewarn you of any scams, please be advised that you will not receive any e-mail notification from the FDIC, the Receiver, or 1st United Bank to claim/unlock/unsuspend your account or to provide any private information. Please be watchful for and resist any such scams to obtain information from you by individuals or entities purporting to act on behalf of Republic Federal Bank, N.A. or the FDIC.

Deposit Questions

  1. Over $250,000: What if I have more than $250,000 in my accounts at Republic Federal Bank, N.A.?
  2. Account Hold: I have been advised there is a hold on my account. What does that mean?
  3. ATM/Debit Card/Checks: Can I continue to write checks or use my ATM/Debit card?
  4. Automatic Payments/Online Billpay: Will my automatic payments through Billpay continue?
  5. Brokered Deposits/Deposit Broker: I am a deposit broker or I have brokered deposits. What do I need to do?
  6. Checks not honored: A merchant will not honor my check. What can I do?
  7. Claim Account(s): How do I claim my account(s)?
  8. Customer Impact: How does this failure affect me?
  9. Deposits Existing at 1st United 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?
  10. Direct Deposits, Social Security: What will happen to my direct deposits?
  11. Final Statement: When will I get my final account statement(s) from Republic Federal Bank, N.A.?
  12. Final Statement: When will I get my final account statement(s) from Republic Federal Bank, N.A.?
  13. Interest: Will I continue to earn interest at the same rate?
  14. Interest Checks/Cashier's Checks: Can I cash my interest check or cashier's check?
  15. Internet Connection: Will my Internet connection to Republic Federal Bank, N.A. work?
  16. IRAs: What if I have an Individual Retirement Account (IRA)?
  17. Lose Any Money: Will I lose anything on my deposit account?
  18. Outstanding Checks: What will happen to the checks which have not cleared my account?
  19. Records/Account Histories: What if I need information regarding my account during the time Republic Federal Bank, N.A. was in business?
  20. Tax Reporting - 1098/1099s: Who will send my 1098 and/or 1099 information after the end of the year?
  21. Uninsured: Will I collect my uninsured deposits?
  22. Wire Transfer: Can funds be wired to me?

Loan Questions

  1. Automatic Payments: Will my automatic transaction payment still occur on its assigned date?
  2. Construction Loan Draws: Will construction draws continue? Will my project be completed?
  3. Construction Loan Voucher Control: Will my subcontractors be paid as before?
  4. Escrows: Will you continue to pay my escrows?
  5. Fees: Are there any changes to fees or charges due to this event?
  6. Foreclosures: Will the FDIC continue foreclosures in process?
  7. Lender and contact names: Who is my lender and has my loan contact changed?
  8. Loan Sales: Will my loan be sold?
  9. Line of Credit Advances – Home Equity: Can I continue to obtain advances on my line of credit?
  10. Loan in Process: I have a loan currently in process. How is my loan impacted?
  11. Loan Sweeps: Will my loan sweep be discontinued?
  12. Overdraft Line of Credit: Will my overdraft line of credit continue to cover my overdrafts?
  13. Payments: How and where do I make my payments?
  14. Pre-payment Penalty: If I refinance with another lender, will my pre-payment penalty be waived?
  15. SBA Application in Process: What will happen to my SBA loan application in process?
  16. What Happens Now: What will happen to my loan?
  17. Offers to Purchase Other Real Estate: I was in the process of negotiating the purchase of real property held by Republic Federal Bank, N.A. Will my offer still be considered?

General Questions

  1. All-Deposit Transfer versus Insured Deposit Transfer: Why do all deposits, insured or not, pass is some transactions but not in others?
  2. FDIC Insurance: How can I find out more about Federal Deposit Insurance rules?
  3. Media: I represent a TV/Newspaper/Radio and would like some information.
  4. New Bank Insured: Is the new bank insured by the FDIC?
  5. Safe Deposit Boxes: How can I claim the contents of my safe deposit box?
  6. Shareholders: I am a shareholder. What happens to my shares?
  7. Unpaid Bill: I did some work for Republic Federal Bank, N.A. and have not yet been paid. What should I do?


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DEPOSIT QUESTIONS

1. What if I have more than $250,000 in my accounts at Republic Federal Bank, N.A.?

All deposit accounts have been transferred in their entirety to 1st United Bank. All former Republic Federal Bank, N.A. offices will reopen for normal business hours on Monday, December 14, 2009, as branches of 1st United Bank.

As an All-Deposit Transfer transaction, the total of all deposit accounts, whether within FDIC insurance limits or not, have been assumed by 1st United Bank and will be available for business as usual.


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2. I have been advised there is a hold on my account. What does that mean?

It is possible a depositor's account was held due to delinquent loans where the depositor is the borrower or guarantor. Additionally, any account pledged as collateral for a loan will continue to be held. A letter will be sent informing you of any holds placed by the FDIC, along with instructions on how to proceed. If you have any questions regarding these holds, please call your loan officer or the FDIC at the number provided in the letter.


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3. Can I continue to write checks or use my ATM/Debit card?

You will be able to continue using your personal checks at this time, and your ATM/Debit card will continue to work. The ATM machine will be unavailable for a short period of time on Friday for processing; however, it will be operational shortly after that is accomplished and will be available as usual.


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4. Will my automatic payments through Billpay continue?

Billpay will be unavailable over the weekend; however, it will be available on Monday morning.


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5. I am a deposit broker or I have brokered deposits. What do I need to do?

As an All-Deposit Transfer transaction, the total of all deposit accounts, excluding the Cede & Co. brokered deposits, have been assumed by 1st United Bank. The FDIC retained the Cede & Co. brokered deposits and will pay those accounts off directly.

Be advised, however, that from and after the date of closing, 1st United Bank will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, 1st United Bank shall permit depositors, including brokered depositors, to withdraw their deposits without penalty for early withdrawal.

If you are a customer who has a Republic Federal Bank, N.A. deposit through a broker, you must contact your broker with any questions.


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6. A merchant will not honor my check. What can I do?

A copy of this document or the press release (PR-225-2009) can be provided as both documents state all deposits have been transferred to 1st United Bank, and it is business as usual. Copies of this press release will be available at the former Republic Federal Bank, N.A. branches. Depositors or merchants can also call the FDIC at 1-800-913-3072 or the former Republic Federal Bank, N.A. branches.


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7. How do I claim my account(s)?

Your account(s) has already been transferred to 1st United Bank, and your account(s) will be handled as usual. Any withdrawal, renewal or additional deposits will "claim" your account. Please be advised that if there is no activity in your account in the next 18 months, that money will be turned over to your state as unclaimed property in accordance with state law. Unclaimed property can be located by visiting www.missingmoney.com or contacting your state treasurer’s office or office of unclaimed property.


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8. How does this failure affect me?

All deposits (both insured and uninsured) of Republic Federal Bank, N.A. have been transferred to 1st United Bank, and it will be business as usual. If you held an account at Republic Federal Bank, N.A. you now have an account at 1st United Bank that is available to you at your former Republic Federal Bank, N.A. branches during regular business hours.

Please note: Customers of both banks should continue to use their respective existing branches until 1st United Bank can fully integrate the deposit records of Republic Federal Bank, N.A. You will be notified in advance of this conversion.

The former Republic Federal Bank, N.A. locations will reopen for normal business hours on Monday, December 14, 2009. You will have continued access to your money through your ATM/debit card and by writing checks.

If you had a loan with the bank, continue to make your checks payable to Republic Federal Bank, N.A. and mail to the same address you have used in the past until you are instructed otherwise.


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9. 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 transferred deposits will be separately insured for at least six months after the merger. This grace period gives a depositor the opportunity to restructure his or her accounts, if necessary.

CDs from the assumed 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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10. What will happen to my direct deposits?

Direct Deposits, including Social Security checks, will continue as normal. If you need to change anything in the future, please contact or visit your former Republic Federal Bank, N.A. branch location to make those arrangements.


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11. Will I incur an early withdrawal penalty if I close my CD before maturity?

No. 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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12. When will I get my final account statement(s) from Republic Federal Bank, N.A.?

You will receive your account statements at the same time you have received them in the past.


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13. Will I continue to earn interest at the same rate?

All interest on insured deposits accrued through Friday, December 11, 2009, will be paid at your same rate. 1st United Bank will review rates and notify you if interest rates will change. Your interest rate may be reduced.

If you deposited funds through a broker, the interest will accrue and be paid through Friday, December 11, 2009.


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14. Can I cash my interest check or cashier's check?

Interest checks and cashier's checks will continue to clear.


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15. Will my Internet connection to Republic Federal Bank, N.A. work?

The bank website will be available for regular transactions on Friday, December 11, 2009.


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16. What if I have an Individual Retirement Account (IRA)?

Yes, all deposits, including IRAs have been transferred in their entirety to 1st United Bank. IRA funds are insured separately from other types of accounts up to $250,000.

If you close your IRA before maturity, you have 60 days to roll this over into another retirement vehicle. You should consult IRS Publication 590 and/or your tax advisor concerning the possible tax consequences of such distribution. IRS Publication 590 may be obtained by contacting your local IRS office or via the Internet at www.irs.gov/publications/p590b/index.html.


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17. Will I lose anything on my deposit account?

No. All accounts have been transferred in their entirety to 1st United Bank and will be available starting on Monday, December 14, 2009.


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18. What will happen to the checks which have not cleared my account?

Checks drawn on Republic Federal Bank, N.A. that did not clear before Friday, December 11, 2009, will be honored up to your available balance.


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19. What if I need information regarding my account during the time Republic Federal Bank, N.A. was in business?

Please contact a representative of your new bank at your former Republic Federal Bank, N.A. branch location to obtain a copy of any records you may need or visit your branch.


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20. Who will send my 1098 and/or 1099 information after the end of the year?

1st United 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.


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21. Will I collect my uninsured deposits?

All deposits have been transferred in their entirety to 1st United Bank; therefore, you have received your deposits in full.


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22. Can funds be wired to me?

Please contact your former Republic Federal Bank, N.A. branch location to obtain information regarding your wire request.


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LOAN QUESTIONS

23. Will my automatic transaction payment still occur on its assigned date?

You should experience no disruption in this service. We encourage you to check your bank account the day after your scheduled draft to verify the transaction. If the transaction did not occur, please notify your loan officer to research your loan.


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24. Will construction draws continue? Will my project be completed?

Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer.


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25. Will my subcontractors be paid as before?

Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer.


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26. Will you continue to pay my escrows?

All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance were not paid, please notify your loan officer immediately.


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27. Are there any changes to fees or charges due to this event?

No. The current fee structure will remain the same.


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28. Will the FDIC continue foreclosures in process?

At this point, all foreclosure actions have been suspended in order to properly evaluate the loans and the borrowers' ability to repay. It is our intention to sell all loans, and it will be up to the new owner to determine the best method of collection on the loan. There may be instances where FDIC will continue with the foreclosure process, but this will be done on a case-by-case basis.


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29. Who is my lender and has my loan contact changed?

Your loan is currently owned by the FDIC and is being serviced by all of the same personnel with whom you have worked in the past. All prior contacts remain the same.


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30. Will my loan be sold?

Your loan may be sold at a future undetermined date. If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer will be, you have the right to independently refinance your loan with another lender.


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31. Can I continue to obtain advances on my line of credit?

All lines of credit, including Home Equity Lines of Credit (HELOCs), have been suspended at this time and have been retained by the FDIC. You may contact 1st United Bank to discuss establishing a borrowing relationship.


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32. I have a loan currently in process. How is my loan impacted?

Please contact your loan officer directly.


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33. Will my loan sweep be discontinued?

This will be determined on a case-by-case basis. Please contact your loan officer.


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34. Will my overdraft line of credit continue to cover my overdrafts?

Yes. These lines have been transferred to 1st United Bank. Please contact your new bank if you have additional questions regarding your accounts.


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35. How and where do I make my payments?

You should continue to make your payments as agreed. Make checks payable to Republic Federal Bank, N.A. and utilize the same payment address information. You may continue to make your payments at the branch or by phone via check or credit card.


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36. If I refinance with another lender, will my pre-payment penalty be waived?

Any pre-payment penalty will be waived as long as FDIC as Receiver for Republic Federal Bank, N.A. has control of the asset, and the borrower obtains refinancing of the outstanding balance on the account with another financial institution.


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37. What will happen to my SBA loan application in process?

The FDIC as Receiver for Republic Federal Bank, N.A. will not be originating any new loans.

If your loan has been approved by the SBA, but is not yet funded, please contact your loan officer. Your loan officer will direct you to the proper SBA contact to help you locate another approved lender.

If your loan is in process, but is not yet approved by the SBA, we will release your SBA package on file with us to you. You will need to apply with another SBA-approved lender. Please contact your loan officer to make arrangements to retrieve your application from the bank.


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38. What will happen to my loan?

Each loan is currently being reviewed independently to determine the best action for that individual loan. Your loan may be sold at a future date. If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer may be, you have the right to independently refinance your loan with another lender.


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39. I was in the process of negotiating the purchase of real property held by Republic Federal Bank, N.A. Will my offer still be considered?

The FDIC, as Receiver has hired Prescient, Inc., to handle the management and disposition of real property acquired from the Institution. If you have questions regarding the status of your offer, please feel free to contact Prescient directly as follows:

Steve Murray
Prescient Asset Management
2600 Douglas Rd., Suite 800
Coral Gables, FL 33134

1-786-433-0322
1-877-520-1112


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GENERAL QUESTIONS

40. Why do all deposits, insured or not, pass is 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 had been for the FDIC to transfer only the insured deposits in a Purchase and Assumption transaction; however, the temporary increase in the deposit insurance limit has assisted in the transfer of all deposits more often in the past year.


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41. How can I find out more about Federal Deposit Insurance rules?

You may access our website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE):

  1. Deposit Insurance (www.fdic.gov/deposit/index.html)
  2. Are my deposits insured? (www.fdic.gov/deposit/deposits/index.html)
  3. EDIE (www.fdic.gov/EDIE/)

You may also order any FDIC publication:

FDIC Public Information Center
3501 North Fairfax Drive
Room E-1002
Arlington, VA 22226

1-703-562-2200 Phone
1-703-562-2296 Fax
publicinfo@fdic.gov


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

Please contact the Office of Public Affairs:

Greg Hernandez
1-202-898-6984
ghernandez@fdic.gov


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43. Is the new bank insured by the FDIC?

Yes. Your transferred deposit at 1st United Bank is insured by the FDIC to at least $250,000, as established by law.


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44. How can I claim the contents of my safe deposit box?

It is business as usual. You may go to your branch and access your safe deposit box or make appointments by calling your former Republic Federal Bank, N.A. branch location.


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45. I am a shareholder. What happens to my shares?

The Republic Federal Bank, N.A. had no publicly owned stock. Equity shareholders were invested in the holding company, Republic Federal Bancorp, Miami, FL and not in the bank. Please do not file a claim with the Receiver, rather contact the holding company with any questions you may have:

Republic Federal Bancorp, Inc.
1001 Brickell Bay Drive
Suite 1900
Miami, FL 33131


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46. I did some work for Republic Federal Bank, N.A. and have not yet been paid. What should I do?

Please send your bills to the following address:

Federal Deposit Insurance Corporation
Receiver: Republic Federal Bank, N.A.
1601 Bryan Street
Dallas, TX  75201-3430
Attention: Claims Agent


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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: www.fdic.gov/bank/individual/failed/republicfederal.html


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