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
500 12th Avenue South
Nampa, ID 83651
1-800-888-7283
http://www.myhomefed.com

 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
 
 
 
 
Community First Bank
555 West 3rd Street
Prineville, OR 97754
http://www.mycommunityfirst.com
 

Established on 12/5/1980 as
The Prineville Bank
 

Assets: $209 million
Deposits: $182 million
 
 
Cost to FDIC: $45 million

 

 
 

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

Consumer Alert

Unclaimed FDIC Insured Deposits

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


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
Receiver: Community First Bank
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent
1-800-568-9161



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