What about my account with Washington First International Bank?
If you had an account with Washington First International Bank, you now have
an account with East West Bank, Pasadena, CA. All deposit
accounts, which include
checking, savings, money market, CDs and retirement accounts, have been
transferred to East West Bank, regardless of the dollar amount. No one
lost any money
on deposit in Washington First International Bank.
Customers of both banks should continue to use their existing branches until
East West Bank can fully integrate the deposit records of Washington First
To forewarn you of any scams, please be advised that you will not receive
any notification from the FDIC, the Receiver, or East West Bank to
provide any private information.
be watchful for and resist any scams to obtain information from you by individuals
or entities purporting to act on behalf of Washington First International Bank,
East West Bank, or the FDIC.
ATM/debit card and/or Billpay:
What about my ATM/debit card and/or bill paying with Washington First
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 East West Bank.
Be advised, however, that from and after the date of closing,
East West Bank will accrue and pay interest on deposit liabilities
at a rate it shall determine; accordingly, East West Bank
shall permit depositors, including brokered depositors to
deposits without penalty for early withdrawal.
If you are a customer who has a Washington First International Bank deposit through a broker, you must contact your broker with any questions.
Direct Deposits - Government Deposits:
What will happen to my direct deposits?
Direct Deposits, including Social Security checks, will continue as normal.
Existing Deposits at East West 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 East West 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.
Interest Rates, Early Withdrawal Penalty:
Will I continue to earn interest at the same rate? Will I be charged an early withdrawal penalty?
Interest on all deposits accrued through Friday, June 11, 2010,
will be paid at your same rate. East West Bank will review
rates and notify you if interest rates will change.
Your interest rate may be reduced.
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
a deposit to or a withdrawal from your account.
What about my loan or mortgage with Washington First International Bank?
All mortgages and loans have been assumed by East West 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 Washington First
International 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 Washington
First International Bank?
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?
All shares of Washington First International Bank were owned by its holding
company Washington First Financial Group, Inc., Seattle, WA.
The holding company was not included in the closing of the
bank or the resulting receivership. If you are a
shareholder of Washington First Financial Group, Inc. please
do not contact or file a claim with the Receiver. You may contact
Washington First Financial Group, Inc., directly for information
Washington First Financial Group, Inc.
P. O. Box 25453
Seattle, WA 98165
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 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.
I did some work for the bank and have not been paid. What should I do?
All claims against Washington First
International Bank, together with proof of the claims, must
be submitted in writing to the Receiver at the following address:
Federal Deposit Insurance Corporation
Receiver: Washington First
1601 N. Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent