Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

MetroPacific Bank - Irvine, CA

MetroPacific Bank unclaimed money

MetroPacific Unclaimed Funds

 MetroPacific Unclaimed Property and Money

Friday, June 26, 2009: MetroPacific Bank, Irvine, CA was closed by the California Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was named Receiver.

As of June 8, 2009, MetroPacific Bank had total assets of $80 million and total deposits of approximately $73 million.

The FDIC entered into a purchase and assumption agreement with Sunwest Bank, Tustin, California, to assume all of the deposits of MetroPacific Bank, excluding those from brokers, totaling about $6 million.

All non-brokered deposit accounts have been transferred to Sunwest Bank, Tustin, CA and are available immediately. On Monday, June 29, 2009, the former MetroPacific Bank location reopened as a branch of Sunwest Bank.

The FDIC will pay the brokers directly for the amount of their funds. 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 Sunwest Bank for six months after the failure of MetroPacific Bank. All interest accrued through Friday, June 26, 2009, will be paid at your same rate; however Sunwest will be reviewing rates.

Sunwest Bank
17542 East 17th Street
Tustin, CA 92780
(800) 330-9890

Sunwest Bank agreed to purchase virtually all of the failed bank's assets. The FDIC will retain any remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $29 million.

For additional information and assistance contact the FDIC at:1-800-523-8275; or go to:

2009 FDIC Insured Failed Banks
MetroPacific Bank
18831 Von Karman Avenue, Suite 101
Irvine, CA 92612

Established on 2/7/2005 as
MetroPacific Bank

Assets: $80 million
Deposits: $73 million
Cost to FDIC: $29 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  MetroPacific Bank and have not received a notice, please contact:

FDIC as Receiver for MetroPacific Bank
40 Pacifica
Irvine, CA, 92618
Attention: Claim Agent

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 on 2/7/2005 as MetroPacific Bank