FDIC APPROVES ASSUMPTION OF INSURED DEPOSITS OF FIRST TRUST BANK, ONTARIO, CALIFORNIA
FOR IMMEDIATE RELEASE
Andrew Porterfield (714) 442-1131
The Board of Directors of the Federal Deposit Insurance
Corporation has approved the assumption of insured deposits of
First Trust Bank, Ontario, California, by First Interstate Bank of
California, Los Angeles, California. First Trust, with total
assets of $245.6 million, was closed by Stan M. Cardenas, Acting
State Bank Superintendent, on Friday, March 3, 1995, and the FDIC
was named receiver.
The failed bank's 14 offices will reopen as branches of First
Interstate Bank. All insured deposits will be available beginning
Monday, March 6, 1995. The failed bank's depositors will
automatically become depositors of the assuming bank.
First Interstate Bank will assume about $197.2 million (as of
November 1994) in about 26,200 deposit accounts. At the time the
bank failed, about $11.6 million in approximately 180 accounts
exceeded the federal insurance limit and will not be assumed by
The FDIC Board of Directors also voted to make a prompt
advance payment to uninsured depositors equal to 70 percent of
uninsured claims. Beginning Monday, March 6, 1995, uninsured
depositors can call an FDIC claims agent at the following locations to arrange payment:
-- (619) 346-3826 in Rancho Mirage for the Rancho Mirage,
Indio and Palm Springs offices,
-- (909) 983-0511 in Ontario for Ontario, Montclair and Upland
-- (909) 931-5182 in Rancho Cucamonga for Rancho Cucamonga,
Fontana and Alta Loma offices,
-- (909) 735-0123 in Corona for the Corona, Chino, Lake
Elsinore and Riverside offices, and
-- (909) 658-2101 for the Hemet office.
The assuming bank will pay a premium of $16.0 million for the
right to receive the failed bank's deposits and will purchase
$136.4 million of the failed bank's assets.
The FDIC notes that its claim on recoveries from the sale of
the failed bank's assets will have priority over non-depositor
creditors of the failed bank.