Question and Answer Guide
Trust Company Bank, Memphis, TN
The following list of responses to frequently asked questions may assist you in understanding what is happening at Trust Company Bank.
On Friday, April 29, 2016, Trust Company Bank, Memphis, TN was closed by the Tennessee Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, The Bank of Fayette County, Piperton, TN acquired all the deposits and certain assets of Trust Company 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 The Bank of Fayette County.
ACCESS TO YOUR MONEY: You may continue to use your same 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 markets, Certificates of Deposit, and retirement accounts, has been transferred to The Bank of Fayette County 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 The Bank of Fayette County.
INTEREST RATES: Interest on deposits accrued through close of business on April 29, 2016 will be paid at your same rate. Trust Company Bank's rates will be reviewed by The Bank of Fayette County 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 The Bank of Fayette County.
TAX REPORTING – 1098 AND/OR 1099: The Bank of Fayette County 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 The Bank of Fayette County.
OVERDRAFT LINES OF CREDIT: These lines have been transferred to The Bank of Fayette County. Please contact The Bank of Fayette County 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. It is the FDIC's intention to sell all loans, and it will be up to the new owner to determine the best method to collect the loan. If your loan is sold, you will be notified by mail in advance of the sale. You have the right to refinance your loan with another institution.
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.
LOAN APPLICATIONS IN PROCESS: All customers with loan applications in process will be notified by the FDIC and provided contact information if you have any questions. If you have not been notified you can contact the FDIC Call Center at 1-800-886-2514 for assistance.
SHARES OF STOCK: All shares of stock were owned by the holding company, Heritage Bancorp, Inc., Mason, TN. 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:
Heritage Bancorp, Inc.
P.O. Box 468
Mason, TN 38049-0468
CLAIMS: Please send claims to the following address:
FDIC as Receiver for Trust Company Bank
1601 Bryan Street
Dallas, TX 75201-3479
Attention: Claims Agent
DEPOSIT INSURANCE INFORMATION: If you have accounts in both Trust Company Bank and The Bank of Fayette County, 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 at the number provided below with any additional questions:
FDIC Call Center Toll free number 1-800-886-2514 Hours of Operation – Central Time Friday, April 29, 2016: Until 9:00 p.m. Saturday, April 30, 2016: 9:00 a.m. – 6:00 p.m. Sunday, May 1, 2016: Noon – 6:00 p.m. Monday, May 2, 2016: 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 Trust Company Bank, The Bank of Fayette County, or the FDIC. If you are contacted by anyone requesting personal information from you related to this event, please contact the call center above to report the incident.
For more information: https://www.fdic.gov/bank/individual/failed/trustco.html