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Failed Bank Report:
Claim
FDIC Insured Accounts
at Failed Banks
First Federal Bank of
California, a Federal Savings Bank |
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Failed Bank Report:
Claim
FDIC Insured Accounts
at Failed Banks
First Federal Bank of
California, a Federal Savings Bank |
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December 18, 2009, First Federal
Bank of California, a Federal Savings Bank was closed by the Office of
Thrift Supervision. The Federal Deposit Insurance Corporation was named
receiver and entered
into a purchase and assumption agreement with OneWest Bank, FSB, Pasadena,
California, to assume all of the deposits. Assets & Deposits: As of September 30, 2009, First Federal Bank of California had approximately $6.1 billion in total assets and $4.5 billion in total deposits. Successor Bank: All deposit accounts have been transferred to OneWest Bank, FSB, and are available immediately. On December 19, 2009, the 39 former First Federal Bank of California locations reopened as branches of OneWest Bank, FSB. OneWest Bank, FSB FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at OneWest Bank, FSB for six months after the failure of First Federal Bank of California. Interest: All interest accrued through Friday, December 18, 2009, will be paid at your same rate; however OneWest Bank, FSB 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 Federal Bank of California, 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 $146.3 million. OneWest Bank, FSB did not pay the FDIC a premium for the deposits of First Federal Bank of California. In addition to assuming all of the deposits of the failed bank, OneWest Bank, FSB agreed to purchase essentially all of the assets. The FDIC and OneWest Bank, FSB entered into a loss-share transaction on $5.3 billion of First Federal Bank of California'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 | |
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First Federal
Bank of California Federal Savings Bank 401 Wilshire Boulevard Santa Monica, CA 90401 |
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Established on
1/1/1929 |
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| Assets: $6 billion | |
| Deposits: $4.5 billion | |
| Cost to FDIC: $146 million | |
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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. 01/01/1929 - First
Federal Savings Bank Of California |
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Depositor Alert |
Unclaimed FDIC Insured Deposits |
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There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes. |
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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: IRA and Bank Account Search |
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Depositor Claims: For additional information and assistance on the First Federal Bank of California receivership contact the FDIC at: 1-800-930-1849; or go to: http://www.fdic.gov/bank/individual/failed/firstfederal-ca.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 Federal Bank of California and have not received a notice, please contact:
Federal Deposit Insurance Corporation |
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