Failed Bank Report: Claim FDIC Insured Accounts at Failed Banks

San Joaquin Bank - Bakersfield, CA

San Joaquin Bank Unclaimed bank account search

San Joaquin Bank - California Unclaimed Property Search

California Unclaimed Money - San Joaquin Bank

October 16, 2009: San Joaquin Bank, Bakersfield, CA was closed by the California Department of Financial Institutions. The Federal Deposit Insurance Corporation was named receiver.

Assets & Deposits: San Joaquin Bank had total assets of $775 million and total deposits of approximately $631 million.

Successor Bank: The FDIC entered into a purchase and assumption agreement with Citizens Business Bank, Ontario, California, to assume all of the deposits of San Joaquin Bank. All deposit accounts, excluding certain brokered deposits, have been transferred to Citizens Business Bank and are available immediately. On October 19, 2009, the five former San Joaquin Bank locations reopened as branches of Citizens Business Bank.

Citizens Business Bank
701 Haven Avenue
Ontario, CA 91764
(877) 422-2265
http://www.cbbank.com

FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at Citizens Business Bank for six months after the failure of San Joaquin Bank.

Interest: All interest accrued through Friday, October 16, 2009, will be paid at your same rate; however Citizens Business 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 San Joaquin 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 $103 million. Citizens Business Bank did not pay the FDIC a premium for the deposits of San Joaquin Bank. In addition to assuming all of the deposits of the failed bank, Citizens Business Bank agreed to purchase essentially all of the assets. The FDIC and Citizens Business Bank entered into a loss-share transaction on approximately $683 million of San Joaquin Bank's assets

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
 
 
 
 
San Joaquin Bank
1301 17th Street
Bakersfield, CA 93301
 
 

Established on 12/1/1980 
as
San Joaquin Bank
 

Assets: $775 million
Deposits: $631 million
 
 
Cost to FDIC: $103 million

 

 
 

History: 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.

12/01/1980 - Established as San Joaquin Bank


Depositor Alert

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: Unclaimed Account Search


Depositor Claims: For additional information and assistance on the San Joaquin Bank receivership contact the FDIC at: 1-800-423-6395; or go to: http://www.fdic.gov/bank/individual/failed/sanjoaquin.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 San Joaquin Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: San Joaquin Bank
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent
1-800-568-9161


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