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Failed Bank Information
Information
for County Bank, Merced, CA
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- Introduction
- Press Release
- Acquiring Financial Institution
- Question and Answer Guide
En Español
Punjabi PDF Help
Hmong PDF Help
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Qualified Financial Contracts
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement (1,308
kb PDF File - PDF Help)
- County Bank Contact Information
-
Balance Sheet Summary
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| I. Introduction |
| On Friday, February 6, 2009, County Bank, Merced, CA was
closed by the California Department of Financial Institutions 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-019-2009) about
the institution's closure. If you represent a media outlet and would
like information about the closure, please contact
David Barr at 202-898-6992. |
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| III. Acquiring
Financial Institution |
| All deposit accounts have been transferred to
Westamerica Bank, San Rafael, CA ("assuming
institution")
and will be available immediately. On Saturday, February 7, the former County Bank branches that observed Saturday hours will reopen as branches of Westamerica Bank. On Monday, February 9, the remaining former County Bank branches will reopen as branches of Westamerica Bank.
Your transferred deposits will be separately insured from any accounts
you may already have at Westamerica Bank for six
months after the failure of County Bank. Checks
that were drawn on County 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 deposit insurance by calling: 1-800-591-2820 or visit EDIE the FDIC's Electronic Deposit
Insurance Estimator.
EDIE
- FDIC's Electronic Deposit Insurance Estimator
You may withdraw your funds from any transferred
account without an early withdrawal penalty until you enter into a new deposit
agreement with Westamerica Bank as long as
the deposits are not pledged as collateral for loans. You may view more
information about Westamerica Bank by visiting their web site.
Westamerica Bank (www.westamerica.com) |
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V. Banking Services |
| The Automated Teller Machines (ATM) and online service will remain available.
As of Saturday, February 7, 2009,
you may continue to use the services to which you previously had access at
the former County Bank branches that observed Saturday hours, such as, safe
deposit boxes, night deposit boxes, wire services, etc. As of Monday, February
9 you may continue to use these services at the remaining former County Bank
branch locations.
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.
All interest accrued through Friday, February 6, 2009, will
be paid at your same rate. Westamerica 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 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 |
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If you had a loan with County 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
in 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, please contact your loan officer.
For all questions regarding new loans and the lending policies of
Westamerica Bank, please contact your branch office.
Please see A Borrower's Guide to an FDIC Insured Bank Failure for additional information. |
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| VII. Possible
Claims Against the Failed Institution |
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If you or your company provided a service or product, leased space, furniture, or equipment to
County Bank after Friday February 6, 2009 and have not been paid you do not have a claim against
County Bank. Please follow your normal billing procedures by providing an invoice as instructed.
Claims against failed financial institutions occur when bills sent to the
institution remain unpaid at the time of failure. If you or your company provided
a service or product, leased space, furniture, or equipment to County Bank
prior to Friday February 6, 2009 and have not been paid you may be
entitled to a claim against the bank. If you provided a product to or a service for
County Bank prior to the bank's failure for which you have not been
paid and you have not received communication,
contact:
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Federal Deposit Insurance Corporation
Receiver:
County Bank
1601 Bryan Street
Dallas, TX 75201
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Please note: There are time limits for filing a claim,
your claim must be filed on or before 05/14/2009. |
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| VIII. 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. Qualified Financial Contracts |
In connection with the sale of all the assets and deposits of County Bank, Merced, CA, to Westamerica Bank, San Rafael, CA, the FDIC transferred to Westamerica Bank all Qualified Financial Contracts to which County 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 February 6, 2009, for further information regarding the County Bank acquisition.
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X. Dividend Information |
| No dividends have been declared at this time. 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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