October 30, 2009:
California National Bank, Los
Angeles, CA was closed by the Office of the Comptroller of the Currency.
The Federal Deposit Insurance
Corporation was named receiver.
Assets & Deposits: As of September 30, 2009, the failed banks had combined assets of $19.4 billion and deposits of $15.4 billion. *
Successor Bank: All deposit accounts have been transferred to U.S. Bank National Association (U.S. Bank), Minneapolis, MN and are available immediately. The former California National Bank locations reopened as branches of U.S. Bank during regular business hours.
U.S. Bank National
FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at U.S. Bank for six months after the failure of California National Bank.
Interest: All interest accrued through Friday, October 30, 2009, will be paid at your same rate; however U.S. Bank 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 California National Bank, you should continue to make your payments as usual.
Cost to FDIC: The FDIC estimates that the cost of the nine banks to the DIF will be a combined $2.5 billion. The FDIC and U.S. Bank entered into a loss-share transaction on approximately $14.4 billion of the combined purchased assets of $18.2 billion of the 153 branches of: Bank USA, National Association, California National Bank, California; San Diego National Bank, Pacific National Bank, Park National Bank, Community Bank of Lemont; North Houston Bank; Madisonville State Bank and Citizens National Bank, Teague, Texas. U.S. Bank will share in the losses on the asset pools covered under the loss-share agreement. *
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|
221 South Figueroa Street, Suite 100
Los Angeles, CA 90012
|Assets: $19.4 billion *|
|Deposits: $15.4 billion *|
|Cost to FDIC: $2.5 billion *|
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
Established as California National Bank
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: Missing or Unclaimed Account Search
Depositor Claims: For additional information and assistance on the California National Bank receivership contact the FDIC at: 1-800-913-5861; or go to: http://www.fdic.gov/bank/individual/failed/calnational.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 California National Bank and have not received a notice, please contact:
Federal Deposit Insurance Corporation