Failed Bank Information
Information for Pacific State Bank, Stockton, CA
- Introduction
- Press Release
- Acquiring Financial Institution
- Question and Answer Guide
En Español - Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement (1.53 MB PDF File - PDF Help)
- Bid Summary
- Pacific State Bank Contact Information
- Balance Sheet Summary
I. Introduction
On Friday, August 20, 2010, Pacific State Bank, Stockton, 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.
Back to topII. Press Release
The FDIC has issued a press release (PR-194-2010) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact Greg Hernandez at 1-202-898-6984.
Back to topIII. Acquiring Financial Institution
All deposit accounts, excluding the Cede & Co deposits, have been transferred to Rabobank, National Association (N.A.), El Centro, CA ("assuming institution") and will be available immediately. The former Pacific State Bank locations will reopen as branches of Rabobank, N.A. during regular business hours.
Your transferred deposits will be separately insured from any accounts
you may already have at Rabobank, N.A. for six
months after the failure of Pacific State Bank. Checks
that were drawn on Pacific State Bank that did not
clear before the institution closed will be honored as long as there are
sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank,
you may speak to an FDIC representative by calling 1-800-640-2693.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
EDIE - FDIC's Electronic Deposit Insurance Estimator
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V. Banking Services
The Automated Teller Machines (ATM) and online service will remain available.
The bank will maintain its regular business hours, and you may continue to use the services to which you previously had access, such as 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 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, August 20, 2010 will be paid at your same rate. Rabobank, N.A. will be reviewing rates. You will be notified of any changes.
Your direct deposits and automatic withdrawals will be transferred 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 Pacific State 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. 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 Rabobank, N.A., please contact your branch office. Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.
Back to topVII. 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. If you or your company provided a service or product, leased space, furniture, or equipment to Pacific State Bank after Friday, August 20, 2010 and have not been paid, you do not have a claim against Pacific State Bank. Please follow your normal billing procedures by providing an invoice as instructed.
If you or your company provided a service or product, leased space, furniture, or equipment to Pacific State Bank prior to Friday, August 20, 2010 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 Pacific State Bank prior to the bank's failure for which you have not been paid and you have not received communication, please contact:
1601 N. Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
Please note: There are time limits for filing a claim, your claim must be filed on or before .
All shares of Pacific State Bank were owned by its holding company, Pacific State Bancorp, Stockton, CA. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Pacific State Bancorp, please do not contact or file a claim with the Receiver. You may contact the holding company directly for information as follows:
C/O Freeman D'Aiuto Pierce
1818 Grand Canal Blvd., Ste 4
Stockton, CA 95202
Attention: Max Freeman
1-209-474-1818
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
IX. Dividend Information
X. 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's Processing Guide
Back to top General Disclaimer