2009: Imperial Capital Bank, La Jolla, CA was closed by the
California Department of Financial Institutions. The Federal Deposit
Insurance Corporation was named receiver, and
entered into a purchase and
assumption agreement with City National Bank, Los Angeles, California, to
assume all of the deposits.
Assets & Deposits: As of September 30, 2009, Imperial Capital Bank had approximately $4.0 billion in total assets and $2.8 billion in total deposits.
Successor Bank: All deposit accounts, excluding certain brokered deposits, have been transferred to City National Bank, Los Angeles, CA and are available immediately. On December 21, 2009, the nine former Imperial Capital Bank locations reopened as branches of City National Bank.
City National Bank
FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at City National Bank for six months after the failure of Imperial Capital Bank.
Interest: All interest accrued through Friday, December 18, 2009, will be paid at your same rate; however City National 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 Imperial Capital Bank, 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 $619.2 million. City National Bank paid the FDIC a .24 percent premium for the right to assume all of the deposits of Imperial Capital Bank. In addition to assuming all of the deposits of the failed bank, City National Bank agreed to purchase $3.3 billion of the failed bank's assets. The FDIC and City National Bank entered into a loss-share transaction on $2.5 billion of Imperial Capital Bank's assets. The FDIC will retain the remaining assets for later disposition.
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|
888 Prospect Street, Suite 110
La Jolla, CA 92037
|Assets: $4.0 billion|
|Deposits: $2.8 billion|
|Cost to FDIC: $619 million|
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 Imperial Thrift And Loan Association
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: Savings Account / IRA Search
Depositor Claims: For additional information and assistance on the Imperial Capital Bank receivership contact the FDIC at: 1-800-613-0523; or go to: http://www.fdic.gov/bank/individual/failed/imperialcapital.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 Imperial Capital Bank and have not received a notice, please contact:
Federal Deposit Insurance Corporation
|© 2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES|