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Bank Acquisition Information
Information for PFF Bank and Trust, Pomona, CA
  1. Introduction
  2. Press Release
  3. Acquiring Financial Institutions
  4. Question and Answer Guide
  5. Banking Services
  6. Loan Customers
  7. Possible Claims
  8. Qualified Financial Contracts
  9. Purchase and Assumption Agreement (263Kb PDF File - PDF Help)
  10. PFF Bank and Trust Contact Information 
  11. Balance Sheet Summary
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 at 202-898-6992.
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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.
   

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
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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