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Bank Acquisition
Information
Information
for PFF Bank and Trust, Pomona, CA
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- Introduction
- Press Release
- Acquiring Financial Institutions
- Question and Answer Guide
- Banking Services
- Loan Customers
- Possible Claims
- Qualified Financial Contracts
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I. Introduction |
On November 21, 2008, the banking operations of PFF Bank and Trust, Pomona, CA was sold in a transaction
facilitated by the Office of Thrift Supervision (OTS) and the Federal Deposit
Insurance Corporation (FDIC).
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking
account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct
deposit, and other relationships with the institution. The FDIC has compiled the following information which should
answer many of your questions. |
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II. Press
Release |
The FDIC has issued a press release
(PR-124-2008) about
this transaction. If you represent a media outlet and would
like information about the transaction, please contact David Barr (dbarr@fdic.gov) at 202-898-6992 (office)
or 703-622-4790 (cell). |
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III. Acquiring Financial Institutions |
All deposit accounts and all loans have been transferred to U.S. Bank, National Association, Cincinnati, OH. All former PFF Bank banks will reopen for normal business hours as branches
of U.S. Bank.
Your transferred deposits will be separately insured from any accounts
you may already have at U.S. Bank
for six months after the sale of PFF Bank. Checks that were drawn
on PFF Bank that
did not clear before the institution closed will be honored as long as
there
are
sufficient funds in the account. You may speak to an FDIC
representative regarding this transaction by calling the FDIC Call Center.
EDIE the Estimator
can calculate your FDIC insurance coverage for each FDIC-insured bank where
you have deposit accounts. EDIE lets you know in a printable report for each
bank whether your deposits are within or exceed coverage limits.
FDIC Call Center
1-800-930-5169
Hours of Operation - Pacific Time |
Friday,
November 21, 2008: |
Until
9:00 p.m. |
Saturday, November 22,
2008: |
8:00 a.m. – 6:00
p.m. |
Sunday, November 23, 2008: |
Noon - 6:00 p.m. |
Thereafter: |
8:00 a.m. – 8:00
p.m. |
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You may view more information about the acquiring institution by visiting their web site.
U.S. Bank (www.usbank.com)
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V. Banking Services |
The Automated Teller Machines (ATM) and online services will remain available.
You may continue to use the services
to which you previously had access, such as, safe deposit boxes, night deposit boxes, wire services, etc,
as normally available at each branch.
Your checks will be processed as usual. All outstanding checks
will be paid against your available balance(s) as if no change
had occurred. Your new bank will
contact you soon regarding any changes in the terms of your account. If
you have a problem with a merchant refusing to accept your check, please
contact your branch
office. An account representative will
clear up any confusion about the validity of your checks.
U.S. Bank will be honoring all existing CD rates.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be
transferred automatically to your new bank. If
you have any questions or special requests, you may contact a representative
of your assuming institution at your branch office. |
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VI. Loan
Customers |
If you had a loan with PFF Bank, you should continue to make your
payments as usual. The terms of your loan will not change because
they are contractually agreed to
in your promissory note. Checks should be made payable as usual and
sent to
the same address until further notice.
For all questions regarding new loans
and the lending policies of U.S. Bank, please contact your branch office. |
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VII. Possible
Claims |
On November 21, 2008, PFF Bank and Trust was closed by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, U.S. Bank acquired the assets and most of the liabilities, including covered bonds and other secured debt, of PFF Bank and Trust from the FDIC as Receiver for PFF. Any claims by equity, subordinated and senior unsecured debt holders were not acquired.
There was no publicly owned stock in PFF Bank and Trust. If you are an equity shareholder, your shares are in PFF Bancorp, Inc., the holding company for PFF, and not the institution. PFF Bancorp, Inc. and the interests of equity, debt holders or other creditors of PFF Bancorp, Inc. are not included in the closure or receivership of the institution. Please contact PFF Bancorp, Inc. directly for information:
PFF Bancorp, Inc.
Attn: Corporate Secretary
9337 Milliken Avenue
Rancho Cucamonga, CA 91730 |
All claims against PFF, together with proof of the claims, must be submitted in writing to the Receiver at the following address:
FDIC as Receiver of PFF
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent |
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VIII. Qualified Financial Contracts
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In connection with the sale of virtually all the assets of PFF Bank & Trust,
Pomona, CA, to U.S. Bank, National Association, the FDIC transferred to U.S.
Bank all Qualified Financial Contracts to which PFF Bank was a
party. Qualified Financial Contracts include swaps, options, futures, forwards,
repurchase agreements and any other Qualified Financial Contract as defined in
12 U.S.C. Section 1821(e)(8)(D).
See related FDIC press
release, dated November 21, 2008, for further information regarding the PFF
Bank Acquisition. |
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General Disclaimer |
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