Question and Answer Guide
FirsTier Bank, Louisville, CO
- Banking Services: Including Checks, ATM and Debit Cards
- You Do Not Need To Stand In Line to Close Your Account:
- Please remember these dates: and act quickly to replace these services:
- Accounts Greater Than $250,000:
- Automatic Payments: Will my automatic Bill Pay payments continue?:
- Bill Pay:
- Certificates Of Deposits (CD's):
- Direct Deposits:
- IRA Accounts:
- Merchant Will Not Honor A Check:
- Official Checks Issued By Firstier Bank:
- Overdrafts And Lines Of Credit:
- Safe Deposit Boxes:
- Statements And Other Account Information:
- Tax Reporting - 1098/1099s:
- Uninsured Depositors:
- Unpaid Bills Or Claims:
- Additional Questions:
On Friday, January 28, 2011, FirsTier Bank, Louisville, CO, was closed by the State Bank Commissioner, by order of the Banking Board of the Colorado Division of Banking. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was appointed Receiver. According to regulatory policy, there is no advance notice given to the public. No one lost any insured deposits as a result of the closure of FirsTier Bank. The Colorado Banking Board Order and Colorado Commissioner's action closing FirsTier, Louisville, CO has no applicability or affect on FirsTier Bank of Nebraska, headquartered in Kimball, NE and with branches in Nebraska and Wyoming. FirsTier Bank of Nebraska is a different financial institution, separately chartered and regulated by the State of Nebraska.
Attempts to market the failed institution did not result in an acceptable bid; therefore, the bank will temporarily reopen on Saturday, January 29, 2011, as Deposit Insurance National Bank of Louisville (DINB), Louisville, CO so customers can transfer their insured accounts to another institution before the bank permanently closes on Monday, February 28, 2011. The bank will be open for a LIMITED period providing LIMITED services. If you do not transfer your funds by February 28, 2011; the FDIC will close your accounts and mail you a check for the remaining funds.
BANKING SERVICES INCLUDING CHECKS, ATM AND DEBIT CARDS: You can continue to use your personal checks, however they must clear by February 28, 2011, or they will be returned unpaid. You can continue to make deposits until February 22, 2011. You can use ATM/Debit cards until February 11, 2011. Over the weekend, online banking and bill pay services will not be available. Online transactional service is expected to resume on Monday, January 31, 2011. Branches will remain open until February 28, 2011.
YOU DO NOT NEED TO STAND IN LINE TO CLOSE YOUR ACCOUNT:
Four ways to close your account:
- The quickest and easiest way is to write a check for your available balance, then deposit that check into an account at another financial institution.
- Create a Bill Pay automated payment to another financial institution.
- Direct a wire transfer to another financial institution. Wire fees will be waived.
- Ask for a "no fee" Cashier's check or Money Order.
- Please be sure to leave enough funds in your account to cover any outstanding checks.
- If you do not close your account by February 28, 2011, you will lose access to your funds until a check for the balance is mailed to you in approximately one week.
PLEASE REMEMBER THESE DATES, AND ACT QUICKLY TO REPLACE THESE SERVICES:
- February 4, 2011: Automatic payments from your account will only be made until this date.
- February 4, 2011: On-line/phone banking and Bill Pay will no longer function after this date.
- February 11, 2011: Drive-through windows will close after this date.
- February 11, 2011: You can continue using your ATM/Debit card until this date.
- February 22, 2011: Federal Government direct deposits will be redirected to FirstBank, Lakewood, Colorado until May 23, 2011. All non-federal government direct deposits will be returned after February 22, 2011.
- February 28, 2011: Keep in mind that checks must clear by this date, or they will be returned unpaid. Branches will close, and any remaining insured account balances will be mailed to the address of record with the bank.
- May 23, 2011: Federal government direct deposits will cease to be accepted by FirstBank after this date.
ACCOUNTS GREATER THAN $250,000: Noninterest-bearing accounts are fully insured regardless of amount. If you have interest-bearing accounts greater than $250,000, you should call the FDIC to schedule a telephone appointment with an FDIC Claims Agent at 1-800-517-8236 as your accounts may require review. You may need to complete certain forms or provide documentation so that the FDIC can make an insurance determination on your account(s).
Starting on the first business day after closing, you can verify your insurance status by entering each of your account numbers here: https://closedbanks.fdic.gov/drrip/AFI/Search/
AUTOMATIC PAYMENTS: Any automatic payments from your account (except from a held account) will continue until you close your account or February 4, 2011, whichever comes first. We encourage you to verify all automatic payments are debited from your account the day after such payments are scheduled. If the transaction did not occur, please contact the bank. You should move your automatic payments to a new bank as soon as possible.
BILL PAY: Bill Pay will not be available over the weekend; however, it will be available for transactions on Monday, January 31, 2011. Any payments scheduled MUST CLEAR your account by February 4, 2011. You should arrange a new online banking service promptly since this service will be discontinued.
CERTIFICATES OF DEPOSITS (CD's): Insured balances will be mailed to your address of record with FirsTier Bank no later than Monday, January 31, 2011. CDs will not be available for withdrawal at DINB of Louisville. You will earn interest only until Friday, January 28, 2011. The FDIC has waived the early withdrawal penalty. If you had Brokered CD accounts, you must contact your Broker for further information.
DIRECT DEPOSITS: All direct deposits, including Social Security deposits, will continue until February 22, 2011; however, you should arrange to move any automatic deposits or make withdrawal arrangements as soon as possible. It can take a long time to transfer government direct deposits. The institution of your choice will be glad to assist in completing the required documentation. You may also find assistance at www.godirect.gov or call 1-800-333-1795. The Social Security Administration can be contacted at 1-800-772-1213, or at www.ssa.gov/deposit.
All Federal government direct deposits, including Social Security checks, will be redirected to FirstBank, Lakewood, Colorado from February 22, 2011 until May 23, 2011. Please note these will be processed at the same time they have been processed in the past. You may find a local FirstBank branch by calling 1-800-964-3444 or by visiting FirstBank's website at: www.efirstbank.com
You will be required to show appropriate identification to obtain your funds.
HOLDS: A deposit account may be held due to delinquent loans of the depositor or for loans the depositor has guaranteed. Additionally, an account pledged as loan collateral will be held until the loan is paid. 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 loan holds, please call your loan officer or the FDIC at the number provided in the letter.
An account may be held for additional documentation. For example, a Declaration for Trust form may be required to attest to the parties involved in the trust. Please contact the FDIC at 1-800-517-8236 to schedule a telephone appointment.
IRA ACCOUNTS: IRA accounts are insured separately from other types of accounts up to $250,000. As with CDs, checks for the insured balance in IRA accounts will be mailed to the address of record no later than Monday, January 31, 2011. From the date this check is issued to you from your IRA, 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. This publication specifically addresses this situation; therefore, you should review it carefully. IRS Publication 590 can be obtained by contacting your local IRS office or via the Internet at www.irs.gov.
LOANS: You should continue to make your loan payments to the same address as you have in the past. All escrow 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. You should direct your loan questions to your loan officer.
All foreclosure actions have been suspended to evaluate collateral and each borrower's ability to repay. The FDIC may resume the foreclosure process on certain loans. However, the FDIC intends to sell all loans. The new owner will determine the best collection method for sold loans. 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.
MERCHANT WILL NOT HONOR A CHECK: Merchants are encouraged to honor FirsTier Bank checks, as these will continue to clear up to the insured available balance until February 28, 2011. A copy of this document or the press release from www.fdic.gov can be provided since both documents indicate that insured deposits have been received by DINB of Louisville. Additional copies will be available at the bank. Depositors or merchants can also call the FDIC at 1-800-517-8236 or contact staff at your former FirsTier Bank branch locations to confirm this information.
OFFICIAL CHECKS ISSUED BY FIRSTIER BANK: Official checks (interest checks, cashier's checks, certified checks, money orders, vendor payment checks) will continue to clear until March 14, 2011. After March 14, 2011 the FDIC will reissue payments for official checks if payee information is available. If you hold an official check without payee information, please call 1-800-517-8236 for assistance. Official checks are fully insured as noninterest-bearing transaction accounts.
OVERDRAFTS AND LINES OF CREDIT: DINB of Louisville will allow overdraft protection between transactional accounts, which are not lines of credit, beginning Monday, January 31, 2011, until February 28, 2011. Any checks overdrawing an account prior to Monday will be returned unpaid. ALL LINES OF CREDIT, including home equity lines, will be permanently frozen as of closing on January 28, 2011. You will need to establish a new line of credit with your new bank.
SAFE DEPOSIT BOXES: You should empty your safe deposit box by February 28, 2011. After that date, you will be required to make an appointment by calling 1-800-517-8236. For safety reasons, you are encouraged to secure a new safe deposit box prior to emptying your box. If you do not clear your safe deposit boxes by April 5, 2011, the box will be drilled under dual control. The contents will be escheated according to state law. A letter will be sent to you at the address listed on the bank's record prior to your box being drilled. Unclaimed property can be located by visiting www.missingmoney.com or by contacting the State Treasurer's office or the office of unclaimed property.
SHAREHOLDERS: The holding company, FirsTier Bancorp, Broomfield, CO owns all shares of bank stock. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of the holding company, please do not contact or file a claim with the receiver. Your must contact the holding company directly for more information.
8001 Arista Place, Suite 500
Broomfield, CO 80021
STATEMENTS AND OTHER ACCOUNT INFORMATION: DINB of Louisville will mail your account statements at the same time you have received them in the past. Customers who have not closed their accounts by close of business February 28, 2011 will receive a final statement approximately one week after that date. Please call or visit your branch to request any records you may need. After February 28, 2011, please call 1-800-517-8236 for assistance.
TAX REPORTING - 1098/1099s: The FDIC as Receiver for FirsTier will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC as Receiver for FirsTier Bank or the servicer of your loan.
UNINSURED DEPOSITORS: In the event you have uninsured deposits, it may be possible to offset your uninsured amount against a loan in the same name as your uninsured deposit account. You should make a telephone appointment with an FDIC Claims Agent at 1-800-517-8236 to discuss this. If it is determined that you have some uninsured funds, the FDIC will mail you an Uninsured Determination Letter (UDL). The UDL provides a Receiver's Certificate Number which entitles you to share proportionately in any funds recovered through the sale of the assets of FirsTier Bank. You may eventually recover your uninsured funds as assets are liquidated. For an explanation of this dividend process, go to https://closedbanks.fdic.gov/dividends/bankfind/Dividendindex.
UNPAID BILLS OR CLAIMS: Submit your invoice or documentation to the following address:
FDIC as Receiver for FirsTier Bank
1601 N. Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
ADDITIONAL QUESTIONS: You can contact the FDIC Call Center at the number provided below with any additional questions:
FDIC Call Center
Toll free number 1-800-517-8236
Hours of Operation - Mountain Time
Friday, January 28, 2011: Until 9:00 p.m.
Saturday, January 29, 2011: 9:00 a.m. - 6:00 p.m.
Sunday, January 30, 2011: Noon - 6:00 p.m.
Thereafter: 8:00 a.m. - 8:00 p.m.
Scam: Please be advised you will not receive any communications from the FDIC asking you to provide private information in regards to claiming, unlocking or un-suspending your account. Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating they are acting on behalf of FirsTier Bank, DINB of Louisville or the FDIC. Should you be contacted by anyone requesting private information from you related to this event, please call the Call Center and you will be directed to the appropriate person.
For more information: