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Failed Bank Information
Information
for First Priority Bank, Bradenton, FL
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- Introduction
- Press Release
- Is My Account Fully Insured?
- Acquiring Financial Institution
- Question and Answer Sheet
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement (2.9
mb PDF File - PDF Help)
- First Priority Bank Contact Information
- Balance Sheet Summary
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| I. Introduction |
| On August 1, 2008, First Priority Bank, Bradenton, FL was
closed by the Florida Office of Financial Regulation and the Federal Deposit
Insurance Corporation
(FDIC)
was named Receiver. No advance notice is given to the
public when a financial institution is closed.
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-65-2008) about
the institution's closure. If you represent a media outlet and would
like information about the closure, please contact David
Barr with the Office of Public Affairs at 202-898-6992 or Andrew
Gray in Florida, at 202-494-1049. |
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| III. Is My Account Fully Insured? |
| This link will allow you to verify the insurance status of each of your accounts. This link will be available
for use no later than the first business day after bank failure.
Simply enter your account number in the search screen. If you receive the message that "your account
is fully insured" a link will appear that provides you with additional information. If you receive the message that you should contact the FDIC, then a link will appear that provides
you contact information.
Is My Account Fully Insured?
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| IV. Acquiring
Financial Institution |
| All insured non-brokered deposit accounts have been transferred to
SunTrust Bank based in Atlanta, Georgia
("assuming institution") and will be available immediately. Your
bank will re-open on Monday during regular business hours at the former First
Priority
Bank main office and branch locations.
Principal and interest on insured accounts, through August 1, 2008,
are fully insured by the FDIC, up to the insurance limit of $100,000. You
will receive full payment for your insured account. Certain entitlements
and different types of accounts can be insured for more than the $100,000
limit. IRA funds are insured separately from other types of accounts,
up to a $250,000 limit.
All accounts that exceed the $100,000 insurance limit, and/or all accounts
that appear to be related and exceed this limit, are reviewed by the FDIC
to determine their ownership and insurance coverage. If you think
you might have uninsured deposits you should call the FDIC Call Center to
arrange for a telephone interview with a Claims Agent at 800-837-0215.
The Claim Agent may direct you to download and submit a particular
form that will assist in expediting the processing of your claim.
List of Affidavits, Declarations, and Forms available for download
Please return the forms to the FDIC by FAX
(facsimile) or mail at the number or address listed for
the failed institution. |
FDIC Call Center
800-837-0215
Hours of Operation
All Hours are Eastern Time |
| Friday, August 1, 2008 |
6:00 p.m. – 9:00 p.m. |
| Saturday - Sunday, August 2 - 3, 2008 |
8:00 a.m. – 8:00 p.m. |
| Thereafter |
8:00 a.m. – 10:00 p.m. |
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If it is determined that you have uninsured funds, the FDIC will generate
and mail to you a Receiver Certificate. This certificate entitles
you to share proportionately in any funds recovered through the disposal
of the assets of First Priority Bank. This means
that you will eventually recover some of your uninsured funds.
To find out more about FDIC Deposit Insurance:
Checks that were drawn on First Priority Bank will be honored
up to your available balance or the insured amount. You may
withdraw funds from any transferred account without an early withdrawal penalty
until you enter into a new deposit agreement with SunTrust Bank. A
hold may be in place on deposits accounts due to delinquent loans where the
depositor is the borrower or guarantor. Additionally, any account pledged
as collateral for a loan will be held. |
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VI. Banking Services |
| The Automated Teller Machines (ATM) will remain available.
As of August 4, 2008 you may continue to use the services
to which you previously had access, such as,
online service, safe deposit boxes, night deposit boxes, wire services, etc.
Your checks will be processed as usual. All outstanding checks
will be paid against your available insured balance(s) as if no change
had occurred. SunTrust 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 SunTrust Bank, Customer Service Department,
at 941-750-6400. An account representative will clear
up any confusion about the validity of your checks.
All interest accrued through Friday, will be paid at your same rate. SunTrust
Bank will
be reviewing rates and will provide further information soon. You will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be
transferred automatically to SunTrust Bank. If
you have any questions or special requests, you may contact a representative
of your assuming institution at 941-750-6400. |
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| VII. Loan
Customers |
| If you had a loan with First Priority Bank, you should
continue to make your payments as usual. The terms of your loan
will not change under the terms of the loan contract because they are contractually
agreed to your promissory note with the failed institution. Checks
should be made payable as usual and sent to the same address until further
notice. If you have further questions regarding an existing loan you may
call 941-750-6400, option 3. For all questions regarding new loans and the lending policies of SunTrust
Bank, please contact 941-750-6400 or visit the SunTrust Bank website at
www.suntrust.com. |
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| VIII. Possible
Claims Against the Failed Institution |
| 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.
Please note: there are time limits for filing a claim, as specified in the notice.
If you provided a service for First Priority Bank, and
have not received a notice, please contact:
Federal Deposit Insurance Corporation
Receiver: First Priority
Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
Or:
Call toll free 1-800-568-9161 |
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| IX. Priority of Claims |
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
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| IX. Dividend Information
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Dividend
Information on Failed Financial Institutions |
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XI. Brokered Deposits |
| The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site
outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance
coverage on custodial accounts deposited in a failed FDIC Insured Institution.
Deposit Broker Processing Guide |
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| General Disclaimer |
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