Failed Bank Report: Claim Insured Deposits at Banks closed by the FDIC

Temecula Valley Bank - Temecula, CA
 

Temecula Valley Bank unclaimed cash

Temecula Valley Bank unclaimed property

Find missing money - Temecula Valley Bank

July 17, 2009: Temecula Valley Bank, Temecula, CA was closed by the California Department of Financial Institutions, The Federal Deposit Insurance Corporation (FDIC) was named Receiver.

As of May 31, 2009, Temecula Valley Bank had total assets of $1.5 billion and total deposits of approximately $1.3 billion.

The FDIC entered into a purchase and assumption agreement with First-Citizens Bank and Trust Company, Raleigh, North Carolina, to assume all of the deposits of Temecula Valley Bank, excluding those from brokers. 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.

All deposit accounts except $304 million in brokered deposits, have been transferred to First-Citizens Bank & Trust Company, Raleigh, NC and are available immediately. On Monday, July 20, 2009, the former Temecula Valley Bank locations reopened as branches of First-Citizens Bank & Trust Company.

Transferred deposits will be separately insured from any accounts you may already have at First-Citizens Bank & Trust Company for six months after the failure of Temecula Valley Bank. All interest accrued through Friday, July 17, 2009, will be paid at your same rate; however First-Citizens Bank & Trust Company will be reviewing rates.

First-Citizens Bank & Trust Company
239 Fayetteville Street
Raleigh, NC 27601
888.323.4732
http://www.firstcitizens.com

The FDIC and First-Citizens Bank and Trust Company entered into a loss-share transaction on approximately $1.3 billion of Temecula Valley Bank's assets.In addition to assuming all of the deposits of the failed bank, First-Citizens Bank and Trust Company agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $391 million.

For additional information and assistance contact the FDIC at: 1-800-930-5170; or go to: http://www.fdic.gov/bank/individual/failed/temecula.html

2009 FDIC Insured Failed Banks
 
 
 
 
Temecula Valley Bank
27710 Jefferson Avenue
Temecula, CA 92590
http://www.bank.com
 

Established on 12/16/1996 as
Temecula Valley Bank
National Association
 

Assets: $1.5 billion
Deposits: $1.3 billion
 
 
Cost to FDIC: $391 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 Temecula Valley Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Temecula Valley Bank
40 Pacifica
Irvine California, 92618
Attention: Claim Agent
1-800-568-9161


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 with an unclaimed bank account go to: Unclaimed Account Search


History: Established on 2/16/1996 as Temecula Valley Bank, National Association
06/29/2005 - Changed name to Temecula Valley Bank

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