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Failed Bank Report:
Claim
FDIC Insured
Deposits
at Failed Banks Community First Bank - Prineville, OR |
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Failed Bank Report:
Claim
FDIC Insured
Deposits
at Failed Banks Community First Bank - Prineville, OR |
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August 7, 2009:
Community First Bank, Prineville, OR was closed by the Oregon Division of
Finance & Corporate Securities. The Federal Deposit Insurance Corporation
(FDIC) was named Receiver. As of July 5, 2009, Community First Bank had total assets of $209 million and total deposits of approximately $182 million. The FDIC entered into a purchase and assumption agreement with Home Federal Bank, Nampa, Idaho, to assume all of the deposits of Community First Bank, excluding $31 million in brokered deposits. On Monday, August 10, 2009, the eight former Community First Bank locations reopened as branches of Home Federal Bank. All non-brokered deposit accounts have been transferred to Home Federal Bank and are available immediately. Customers who placed money with brokers should contact them directly for more information about the status of their deposits. Transferred deposits will be separately insured from any accounts you may already have at Home Federal Bank for six months after the failure of Community First Bank. All interest accrued through Friday, August 7, 2009, will be paid at your same rate; however Home Federal Bank will be reviewing rates. Home Federal Bank The FDIC and Home Federal Bank entered into a loss-share transaction on approximately $155 million of Community First Bank's assets. In addition to assuming all of the deposits of the failed bank, Home Federal Bank agreed to purchase approximately $197 million of assets. The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $45 million. For additional information and assistance contact the FDIC at: 1-800-913-3062; or go to: http://www.fdic.gov/bank/individual/failed/community-prineville.html |
| 2009 FDIC Insured Failed Banks | |
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Community First
Bank 555 West 3rd Street Prineville, OR 97754 http://www.mycommunityfirst.com |
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Established on
12/5/1980 as |
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| Assets: $209 million | |
| Deposits: $182 million | |
| Cost to FDIC: $45 million | |
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History:
Established on
12/5/1980 as
The Prineville Bank 10/26/1981 - Acquired High Lakes Community Bank 05/01/1997 - Changed name to Community First Bank |
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Consumer Alert |
Unclaimed FDIC Insured Deposits |
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Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ... |
| Depositors must claim an insured or transferred deposit
within 18 months after the FDIC initiates the payment of insured deposits,
or the successor institution must return the funds to the FDIC. Thereafter all
rights of the depositor against the transferee institution are barred. The FDIC then offers to remit the insured deposit to the custody of the unclaimed property administrator in the account owner's home state. If a state declines to accept, the right to claim ends with termination of the receivership. If a state accepts, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred. Most - but not all - states allow claims in perpetuity, and there's a reversion clause. If a depositor does not claim the funds within 10 years of delivery, the deposit must then be returned to the FDIC, and all rights of the depositor against the state and the government are barred. Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Further, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised. For assistance tracing and reclaiming a lost bank account or safe deposit box go to: Unclaimed Money Search |
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Creditor Claims: Claims
against failed financial institutions occur when bills sent to the
institution remain unpaid at the time of failure. Shortly after the
failure, the FDIC sends notices directly to all known service providers to
explain the claim filing process. If you provided a service for Community
First Bank
and have not received a notice, please contact:
Federal Deposit Insurance Corporation |
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| © 2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES |
