First Regional Bank of Los Angeles, CA closed by FDIC. Accounts transferred to First Citizens Bank of North Carolina. Depositors must claim FDIC-insured bank savings accounts, CD's and retirement accounts

	January 29, 2010, First Regional Bank, Los Angeles, CA was closed by the California Department of Financial Institutions. The Federal Deposit Insurance Corporation was named receiver. Assets & Deposits: As of September 30, 2009, First Regional Bank had approximately $2.18 billion in total assets and $1.87 billion in total deposits. Successor Bank: All deposit accounts, excluding certain brokered deposits, have been transferred to First-Citizens Bank & Trust Company, Raleigh, NC. On February 1, 2010, the eight former First Regional Bank locations reopened as branches of First-Citizens Bank & Trust Company. First-Citizens Bank & Trust Company 239 Fayetteville Street Raleigh, NC 27601 http://www.firstcitizens.com FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at First-Citizens Bank & Trust Company for six months after the failure of First Regional Bank. Interest: All interest accrued through Friday, January 29, 2010 will be paid at your same rate; however First-Citizens Bank & Trust Company will be reviewing rates. Checks, Loans, Interest and Automated Transactions: Checks will be processed as usual. Automatic direct deposits and withdrawals will be transferred to your new bank. If you had a loan with First Regional Bank you should continue to make your payments as usual. Cost to FDIC: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $825.5 million. First-Citizens Bank & Trust Company did not pay the FDIC a premium to assume all of the deposits of First Regional Bank. In addition to assuming all of the deposits, First-Citizens Bank & Trust Company agreed to purchase approximately $2.17 billion of the First Regional Bank's assets. The FDIC retained the remaining assets for later disposition. The FDIC and First-Citizens Bank & Trust Company entered into a loss-share transaction on $2 billion of First Regional Bank's assets. Note: ► Depositors must establish contact with the successor bank or the FDIC, when there is no successor, to reclaim their deposits. Failure to do so could ultimately result in a loss of insured funds. ► The interest rate paid by your former bank is subject to immediate change. ► Transferred deposits are separately insured for only 6 months after the date of transfer. ► Beneficial owners of fiduciary accounts (including UTMA, IOLTA and brokered CDs) should contact their brokers immediately to ensure proper claims procedures are followed. ► Safe deposit boxes should be promptly claimed.
2009 FDIC Insured Failed Banks




First Regional Bank 1801 Century Park East Los Angeles, CA 90067
Established on 12/31/1979 as Great American Bank
Assets: $2.2 billion
Deposits: $1.9 billion


Cost to FDIC: $826 million

History: You may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

12/31/1979 - Great American Bank
12/07/1987 - Changed name to First Regional Bank

Depositor Alert

Unclaimed FDIC Insured Deposits

There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.

Be advised that not every depositor with funds in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.

Beneficial owners of fiduciary accounts, including Uniform Transfers To Minors accounts, escrow accounts, Interest on Lawyer Trust Accounts (IOLTA), and deposit accounts obtained through a broker (Brokered Accounts) will not be contacted by the FDIC.

This is because these accounts are on the failed bank's records in the name of the fiduciary, not the individual owner. The FDIC does not have access to ownership information, and therefore will not contact individual depositors. It is the responsibility of the broker or other fiduciary to initiate a claim.

In addition, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage, after a period of time. If an individual already has accounts at a successor institution, perhaps unknowingly in the case of brokered deposits, the insurance limit may be exceeded and funds could be lost in a subsequent receivership.

Finally, in the worst case scenario, by law accounts which go unclaimed for an extended period may be time barred, and safe deposit boxes can be drilled and the contents sold at auction.

It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

For assistance tracing and reclaiming a lost bank account or safe deposit box go to: Unclaimed Money and Abandoned Property Search

Depositor Claims: For additional information and assistance on the First Regional Bank receivership contact the FDIC at: 1-800-591-2817; or go to: http://www.fdic.gov/bank/individual/failed/firstregional.html

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 First Regional Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: First Regional Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claim Agent
1-800-568-9161