24, 2009: First Bank of Beverly Hills, Calabasas, CA was closed by
the the California Department of Financial Institutions. The FDIC was
First Bank of Beverly Hills, as of December 31, 2008, had total assets of $1.5 billion and total deposits of $1 billion.
An assuming institution could not be located; therefore, all accounts have been closed and the FDIC will mail checks to insured depositors.
Principal and interest on insured accounts, through Friday, April 24, 2009, are fully insured by the FDIC, up to the insurance limit of $250,000. You will receive full payment for your insured account. CDs will automatically be closed; however you will not be assessed an early withdrawal penalty.
It is estimated that the bank has $179,000 of uninsured deposits. All interest bearing accounts that exceed the $250,000 insurance limit and/or all interest bearing accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage. If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 1-800-523-8089. If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of First Bank of Beverly Hills.
For insured deposits from brokers, the FDIC will pay the brokers directly once brokers provide the FDIC with the necessary documents. Brokered deposit customers should contact their brokers directly about the status of their accounts.
The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $394 million
For additional information and assistance contact the FDIC at: 800-523-8089; or go to: http://www.fdic.gov/bank/individual/failed/beverlyhills.html
|2009 FDIC Insured Failed Banks|
First Bank of
23901 Calabasas Road, Suite 1050
Calabasas, CA 91302
|Assets: $1.5 billion|
|Deposits: $1.0 billion|
|Cost to FDIC: $394 million|
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 Bank of Beverly Hills and have not received a notice, please contact:
Federal Deposit Insurance Corporation
The First Bank of Beverly Hills had no publicly owned stock. Equity shareholders were invested in the holding company, Beverly Hills Bankcorp Inc., Calabasas, CA, and not in the bank. Contact: Beverly Hills Bankcorp Inc, 29301 Calabasas Road Suite 1050, Calabasas, CA 91302.
Unclaimed FDIC Insured Deposits
Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...
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
Established on 1/1/1979 as Girard Savings And Loan Association
03/31/1984 - Changed name to Girard Savings Bank
06/01/1992 - Changed name to Girard Savings Bank, Fsb
12/31/1997 - Changed name to First Bank Of Beverly Hills, F.S.B.
12/31/1997 - Acquired First Bank Of Beverly Hills, Fsb
09/01/2005 - Changed name to First Bank Of Beverly Hills