Funds at FDIC Insured Failed Banks: First Heritage Bank - Claim Your Savings Account, CD or Safe Deposit Box

	July 25 2008: First Heritage Bank, N.A., Newport Beach, California, was closed by the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. First Heritage Bank had three branches, with assets of $254 million and total deposits of $233 million. The FDIC entered into purchase and assumption agreements with Mutual of Omaha Bank, Omaha, Nebraska, to take over all of the deposits and certain assets of First Heritage Bank. First Heritage branches reopened on Monday, July 28, as branches of Mutual of Omaha Bank. All depositors, including those with deposits in excess of the FDIC's insurance limits, automatically became depositors of Mutual of Omaha Bank for the full amount of their deposits. Mutual of Omaha Bank 3333 Farnam Street Omaha, NE 68131 866-351-5646 or 949-863-9780 or 213-628-4500 www.mutualofomahabank.com Transferred deposits will be separately insured from any accounts you may already have at Mutual of Omaha Bank for six months after the failure of First Heritage. All deposit account histories and records will be transferred to your assuming institution. In addition to assuming all of the deposits of the bank, Mutual of Omaha Bank purchased approximately $200 million of assets from the receiverships of both First Heritage and First National Bank of Nevada, which also failed on 25 July 2008. Mutual of Omaha Bank agreed to pay the FDIC a premium of 4.41 percent to assume all the deposits. The FDIC will retain the remaining assets for later disposition. The failed banks had combined assets of $3.6 billion. The cost of these transactions to the Deposit Insurance Fund is estimated to be $862 million. For additional information and assistance contact the FDIC at: 1-800-523-8089; or go to http://www.fdic.gov/bank/individual/failed/heritage.html
2008 FDIC Insured Failed Banks




First Heritage Bank, N.A. 4675 Macarthur Court, Suite 1480 Newport Beach, CA 92660 http://www.fhbankna.com
Established in 2005

Assets: $254 million
Deposits: $233 million

Cost to FDIC: $862 million *

* First Heritage & First National of NV

Checks: Checks will be processed as usual. All outstanding checks will be paid against your available balances as if no change had occurred. Mutual of Omaha Bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact Mutual of Omaha Bank, Customer Service Department, at the Newport Beach branch at 949-863-9780 or the Los Angeles branch at 213-628-4500.

Interest: After July 25, 2008, your account will earn interest at a rate determined by Mutual of Omaha Bank. Depositors will be notified by letter of changes regarding this matter.

Automatic Direct Deposits: Automatic direct deposits and/or automatic withdrawals should be transferred automatically to your assuming institution. You should contact your assuming institution, however, to discuss your accounts and to insure that service is not delayed or discontinued.

Loans: If you had a loan with First Heritage Bank, N.A., you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to in your promissory note with the failed institution. Checks should be made to your former bank and sent to the same address until further notice.

Services: You may continue to use the services to which you previously had access, such as automatic teller machines (ATMs), safe deposit boxes, night deposit boxes, wire services, etc.

Creditor Claims: If you provided a service for First Heritage Bank, N.A. and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: First Heritage Bank, N.A.
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
800-568-9161

Consumer Alert

Unclaimed FDIC Insured Deposits

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

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

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. Additionally, 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 go to: Unclaimed Account Search

History: Established in 2005
2008 - Merged with government financial assistance and subsequently operated as part of Mutual of Omaha Bank