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 &
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|
27710 Jefferson Avenue
Temecula, CA 92590
|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
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 with an unclaimed bank account go to: Unclaimed Account Search
Temecula Valley Bank, National Association
06/29/2005 - Changed name to Temecula Valley Bank
|© 2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES|