Question and Answer Guide
FirstCity Bank, Stockbridge, GA
FDIC Call Center
Toll free number 1-877-367-2719
Hours of Operation - Eastern Time
Friday, March 20, 2009: Until 9:00 p.m.
Saturday, March 21, 2009: 9:00 a.m. - 6:00 p.m.
Sunday, March 22, 2009: Noon - 6:00 p.m.
Thereafter: 8:00 a.m. - 8:00 p.m.
Is My Account Fully Insured?: (closedbanks.fdic.gov/aii/)
Electronic Deposit Insurance Estimator: (edie.fdic.gov/)
The following answers are provided to the most commonly asked questions by customers of the failed bank. If the balance in your interest bearing account(s) (this includes any accounts in which you have an ownership) is less than $250,000, or if your deposit is in a non-interest bearing transaction account(s), no action is required on your part at this time. The FDIC will mail you a check for your insured deposit. Checks to the retail depositors for their insured funds will be mailed on Monday morning.
DEPOSIT QUESTIONS
Over $250,000: What if I have more than $250,000 in my accounts at FirstCity Bank?
If you have more than $250,000 in your interest-bearing account, or if
the total of your related interest-bearing accounts exceeds $250,000, your
accounts may require review by an FDIC Claim Agent. You should call the
FDIC to schedule a telephone appointment with an FDIC Claim Agent at 1-877-367-2719.
If you have an interest-bearing account or group of interest-bearing accounts
that exceeds $250,000, you may need to complete certain declarations or affidavits
and provide documentation so that the FDIC can make an insurance determination
on your account(s).
If you are an investor with a deposit broker, you may need to complete one of
these forms only if your investment exceeds $250,000. However, you must mail
your form to your deposit broker for submission to the FDIC.
If your deposits DO NOT exceed $250,000, or if your deposits are in a non-interest
bearing transaction account(s), you DO NOT need to complete these documents
or contact the FDIC.
An account hold may be placed on an account due to the need for additional
documentation from a depositor. For example, a Declaration for Trust form may
be required to attest to the parties involved in a trust. These forms can be mailed to
you, or you can access them online at:
Deposit Claims (www.fdic.gov/resources/forms/deposit-claims-and-asset-sales/index.html).
If you have a question regarding the completion of required affidavits or
declarations, this website contains samples and instructions for completing
the declarations. If your question is not resolved by going to the website,
please call 1-877-367-2719 and indicate you have a form completion question.
Account Hold: 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.
Another reason an account hold may be placed is due to the need for
additional documentation from a depositor. For example, a Declaration
for Trust form may be required to attest to the parties involved in
the trust. Please contact the FDIC at 1-877-367-2719 to schedule a
telephone appointment.
Account Insurance Status: Is there a method to verify whether my account(s) at FirstCity Bank are fully insured?
A tool, Is My Account Fully Insured? (https://closedbanks.fdic.gov/aii/), is available that allows failed bank customers the ability to verify whether their account is fully insured or if they need to contact the FDIC. This service will be available for use no later than the first business day after the bank's failure. Once you enter your account number, your insurance status for that account will appear. If there is a hold on your account, it may be due to the need for the additional documentation referenced in question number one. If there is a hold, you will need to contact the FDIC at 1-877-367-2719 to schedule a telephone appointment.
ATM/Debit Card/Checks: Can I continue to write checks or use my ATM/Debit card?
No. All accounts have been closed. You will receive a check from the FDIC within one week of the closing.
Automatic Payments/Online Billpay: Will my automatic payments through Billpay continue?
No. All accounts have been closed; therefore, you should contact your creditors to make other arrangements.
Brokered Deposits/Deposit Broker: I am a deposit broker or I have brokered deposits. What do I need to do?
Brokered deposits will be held by the FDIC, and those insured deposits
will be paid off when the insurance determination is complete. The FDIC
offers an online reference guide to deposit brokers acting as agents for
their investor clientele. This site outlines the FDIC’s policies
and procedures that must be followed by deposit brokers when filing for
pass-through insurance coverage on custodial accounts in a failed FDIC-insured
institution. Please read the following Deposit Broker Processing Guide
completely before contacting the FDIC with questions:
Deposit Broker
Processing Guide (www.fdic.gov/deposit/deposits/brokers/index.html)
Should you have any questions regarding the completion of required
affidavits or declarations on behalf of your client, please call 1-877-367-2719
and indicate you have a form completion question.
If you are a customer who has a FirstCity Bank deposit through
a broker, you must contact your broker with any questions. Once
the FDIC receives a balanced investor file along with all the required
documentation, from your broker, your insured funds will be wired
to them on your behalf.
Checks not honored: A merchant will not honor my check. What can I do?
All checks will be returned and stamped “Bank Closed.” This document is a letter (www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/firstcity-return-checks-letter.html) you can provide to your creditors explaining that checks were returned through no fault of your own due to the bank closing, and this is no reflection on you.
Claim Account(s): How do I claim my account(s)?
You will receive a check from the FDIC within one week of the closing. Please be advised that this money will be turned over to your state as unclaimed property if this check is not cashed within 18 months. Unclaimed property can be located by visiting www.missingmoney.com or contacting your state treasurer’s office or office of unclaimed property.
Customer Impact: How does this failure affect me?
All accounts have been closed, and you will receive a check from the FDIC
within one week of the closing.
If you had a loan with FirstCity Bank, please continue to make
your payments to the same address as you have in the past until you are
instructed otherwise. Continue to make your checks payable to FirstCity
Bank.
Direct Deposit, Social Security: What will happen to my direct deposits?
The FDIC has arranged for government direct deposits, including Social Security checks, to be redirected to specific branches of SunTrust Bank. You will need to visit a branch of SunTrust to obtain your funds. The schedule below identifies the appropriate SunTrust office you should visit, which depends upon the FirstCity branch that received your direct deposit in the past. You will be required to show appropriate identification to the SunTrust customer service representative to obtain your funds. Please remember these government direct deposit payments will be processed at the same time they have been processed in the past.
| Closed First City Location | SunTrust Branch Location | Distance |
|---|---|---|
| Towne Center (McDonough, GA) |
Henry Towne Center 1860 Jonesboro Road McDonough, GA 30253 1-770-954-3100 |
0.2 Miles |
| Stockbridge | Eagles Landing North 980 Eagles Landing Parkway Stockbridge, GA 30281 1-678-284-1445 |
0.6 Miles |
| Gibson | Jackson Street 201 Jackson Street Thomson, GA 30824 1-706-595-1234 |
16.8 Miles |
You may also contact SunTrust Bank's dedicated call center at 1-800-991-9586.
Early withdrawal penalty: Will I incur an early withdrawal penalty if I close my CD before maturity?
Your CD will automatically be closed, and you will receive a check from the FDIC within one week of the closing. You will NOT be assessed an early withdrawal penalty.
Final Statement: How will I get my final account statement(s) from FirstCity Bank?
You will receive a final statement within one week of the closing.
Interest: Will I continue to earn interest at the same rate?
All interest on insured deposits accrued through Friday, March 20, 2009, will be paid at your same rate. This will be included in the check you will receive from the FDIC within one week of the closing.
Interest Checks/Cashier's Checks: Can I cash my interest check or cashier's check?
No, these checks will not clear. However, official checks (those issued by institutions – for example, cashiers’ checks, certified checks, money orders) meet the definition of non-interest bearing transaction accounts. Under the Temporary Liquidity Guarantee Program, non-interest bearing transaction accounts are fully insured. Outstanding checks will be added back to any of your account balance and you will receive payment from the FDIC.
Internet Connection: Will my Internet connection to FirstCity Bank work?
All accounts have been closed, and you will no longer have access to the website.
IRAs: What if I have an Individual Retirement Account (IRA)? Will my savings still be insured?
You will receive a separate check from the FDIC for your IRA account, up to $250,000. 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.
Lose Any Money: Will I lose anything on my deposit account?
Principal and interest on insured accounts, through Friday, March
20, 2009, are protected by the FDIC, to at least $250,000. Certain
entitlements and different types of accounts can be insured in excess
of the $250,000.
If you have more than $250,000 in your interest bearing account (or $250,000
in your IRA), or if the total of your related interest bearing accounts
exceeds $250,000, your accounts may require review by an FDIC Claim Agent.
All accounts that appear to be related are reviewed to determine ownership
and insurance coverage. See question number one for information regarding
forms you may need to complete to expedite this process.
Outstanding Checks: What will happen to the checks which have not cleared my account?
Checks that were drawn on FirstCity Bank that did not clear before the institution closed will be returned indicating “Bank Closed.” This document is a letter (www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/firstcity_return_checks_letter.html) you can provide to your creditors explaining the bank was closed, and checks have been returned through no fault of your own. You should contact your vendors as soon as possible.
Records/Account Histories: What if I need information regarding my account during the time FirstCity Bank was in business?
Please contact the FDIC at 1-877-367-2719 to request a copy of your records.
Tax Reporting - 1098/1099s:Who will send my 1098 and/or 1099 information after the end of the year?
The FDIC 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.
Uninsured: Will I collect my uninsured deposits?
If you have a loan in the same name as your uninsured deposit account,
it may be possible to offset your uninsured amount against your
loan. You should discuss this with your claim agent during your
appointment.
If it is determined that you have some uninsured funds, the FDIC will
mail you a Receivership Certificate. This certificate entitles you
to share proportionately in any funds recovered through the sale of
the assets of FirstCity Bank. You may eventually recover more of your
uninsured funds as assets are liquidated.
When a financial institution is closed, and the Federal Deposit Insurance
Corporation ("FDIC") is appointed as receiver, one of FDIC's
responsibilities is to sell the institution's assets to pay the depositors
and its creditors. The money generated by the sale of these assets
will flow through the Receivership, and periodic dividend payments
will be made to proven claimants when excess cash is available. For
an explanation of the dividend process, go to
FDIC Dividends from Failed Banks (https://closedbanks.fdic.gov/dividends/).
Of course, you will receive immediate full payment for your insured
amount by check directly from the FDIC.
If you have a deposit through a broker, your insured funds will be
wired to your broker on your behalf once the FDIC receives all required
documentation from your broker.
Wire Transfer: Can funds be wired to me?
No, regretfully, we cannot wire funds directly for individual depositors.
LOAN QUESTIONS
Automatic Payments: Will my automatic payment still occur on its assigned date?
No. All accounts have been closed. You should contact the FDIC to make other arrangements for your loan payments.
Construction Loan Draws: Will construction draws continue? Will my project be completed?
Each loan is being reviewed independently, and you should direct your questions to your loan officer. These will be determined on a case-by-case basis.
Construction Loan Voucher Control: 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 the FDIC.
Escrows: 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.
Fees: Are there any changes to fees or charges due to this event?
No. The current fee structure will remain the same.
Foreclosures: Will the FDIC continue foreclosures in process?
At this point, we have suspended all foreclosure actions in order to properly evaluate the loans and the borrower’s 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 we will continue with the foreclosure process, but this will be done on a case-by-case basis.
Lender and contact names: 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.
Loan Sales: 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.
Line of Credit Advances – Home Equity: Can I continue to perform advances on my line of credit?
No. All lines of credit, including Home Equity Lines of Credit (HELOCs), have been suspended. You should contact another financial institution to discuss establishing a borrowing relationship.
Loan in Process: I have a loan currently in process. How is my loan impacted?
Please contact your loan officer directly.
Loan Sweeps: Will my loan sweep be discontinued?
This will be determined on a case-by-case basis. Please contact your loan officer.
Overdraft Line of Credit: Will my overdraft line of credit continue to cover my overdrafts?
No. All accounts have been closed.
Payments: How and where do I make my payments?
You should continue to make your payments as agreed. Make checks payable to FirstCity Bank and utilize the same payment address information.
Pre-payment Penalty: 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 FirstCity Bank has control of the asset, and the borrower obtains refinancing of the outstanding balance on the account with another financial institution.
SBA Application in Process: What will happen to my SBA loan application in process?
The FDIC as Receiver for FirstCity Bank 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. He 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, and 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.
What Happens Now: What will happen to my loan?
Each loan is currently being reviewed independently to determine the best action for that individual loan. 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.
GENERAL QUESTIONS
All-Deposit Transfer versus Insured Deposit Transfer: Why do all deposits, insured and uninsured, pass is some transactions but not in others?
When a buyer cannot be found for a failed bank, the FDIC honors its obligation to insured depositors by mailing an insurance check.
FDIC Insurance: 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):
Deposit Insurance: (https://www.fdic.gov/resources/deposit-insurance/index.html)
Are my deposits insured?: (https://www.fdic.gov/resources/deposit-insurance/financial-products-insured/index.html)
EDIE: (edie.fdic.gov/)
You may also order any FDIC publication:
FDIC Public Information Center
3501 North Fairfax Drive
Room E-1002
Arlington, VA 22226
703-562-2200 Phone
703-562-2296 Fax
publicinfo@fdic.gov
Media: I represent a TV/Newspaper/Radio and would like some information.
Please contact the Office of Public Affairs:
David Barr
202-898-6992
dbarr@fdic.gov
Shareholders: I am a shareholder in FirstCity Bancorp, Inc. What happens to my shares?
The FirstCity Bank had no publicly owned stock. Equity shareholders were invested in the holding company, FirstCity Bancorp, Inc., Stockbridge, GA, and not in the bank. Please do not file a claim with the Receiver, rather contact the holding company’s registered agent with any questions you may have:
W. David Everitt, Jr.
428 Winged Foot Drive
McDonough, GA 30253
Unpaid Bill: I did some work for FirstCity Bank and have not yet been paid. What should I do?
Please send your bills to the following address:
FDIC as Receiver for FirstCity Bank
1601 Bryan Street
Dallas, TX 75201
What happened? Why did the bank fail?
FirstCity Bank, Stockbridge, GA was closed Friday, March 20, 2009, by the
Georgia Department of Banking and Finance. Subsequently, the Federal Deposit
Insurance Corporation (FDIC) was appointed Receiver. Share price does not
trigger a bank closing and was not the reason for this failure. According
to regulatory policy, there is no advance notice given to the public. Please
see the Georgia Department of Banking and Finance’s Press Release
for more information.
The good news is that no one lost any insured deposits as a
result of the closure of FirstCity Bank. An assuming bank could not be
located; therefore, the FDIC will fulfill its obligation to insured depositors
by mailing checks for their insured amount(s). These checks should be received
within one week of the closing.
Work for FDIC – Contract or Employment: How can I apply to work for FDIC as a contractor or employee?
You may access information about doing business with the FDIC at
Procurement
Opportunities (https://www.fdic.gov/about/doing-business/index.html)
You must also register in the System for Award Management database at
sam.gov/content/home.
Entry into the database is not a guarantee that a contractor will receive a future solicitation.
You may also call 1-866-308-4470 for more information or send an email to
ProcurementOpportunities@fdic.gov.
Please include a statement of your corporate capabilities, contact information and Minority
or Women-Owned Business (MWOB) status, if any.
To review positions currently available at the FDIC, visit
Careers at FDIC (https://www.fdic.gov/about/careers/index.html).