Account(s):
What about my account with Park National Bank?
If you had an account with Park National Bank, you now have an account
with U.S. Bank, Minneapolis, MN.
All deposit accounts, which include
checking, savings, money market, CDs and retirement accounts, have been
transferred to U.S. Bank, regardless of the dollar amount.
No one lost any money
on deposit in Park National Bank.
Customers of both banks should continue to use their existing branches until
U.S. Bank can fully integrate the deposit records of Park National Bank.
To forewarn you of any scams, please be advised that you will not receive
any e-mail notification from the FDIC, the Receiver, or U.S. Bank to claim/unlock/unsuspend
your account or to provide any private information. Please
be watchful for and resist any scams to obtain information from you by individuals
or entities purporting to act on behalf of Park National Bank or the FDIC.
ATM/debit card and/or Billpay:
What about my ATM/debit card and/or bill paying with Park National Bank?
Your ATM/debit card will continue to work, and bill paying will work as it has in the past.
Brokered Deposits:
I am a deposit broker or have brokered deposits. What do I do?
As an All-Deposit Transfer transaction, the total of all deposit accounts, including brokered deposits, have been assumed by U.S. Bank.
Be advised, however, that from and after the date of closing, U.S. Bank will accrue and pay interest on
brokered deposit liabilities at a rate it shall determine; accordingly, U.S. Bank shall permit depositors, including brokered depositors, if any, to withdraw their deposits without penalty for early withdrawal.
If you are a customer who has a Park National Bank deposit through a broker,
you must contact
your broker with any questions.
Direct Deposits - Government Deposits:
What will happen to my direct deposits?
Direct Deposits, including Social Security checks, will continue as normal.
Existing Deposits at U.S. Bank: I already have other
deposit accounts with the new bank. When combined
with balances at this bank, my deposits exceed $250,000. Are all
funds insured?
The accounts transferred to U.S. Bank will be separately insured for at
least six months after the Purchase and Assumption transaction.
This grace period gives a depositor the opportunity to restructure
the accounts, if necessary.
CDs from the failed bank are separately insured until the earliest maturity date after the end of the six-month grace period.
CDs that mature during the six-month period and are renewed for
the same term and in the same dollar amount (either with or without accrued
interest) continue to be separately insured until the first maturity date
after the six-month period.
If a CD matures during the six-month grace period and is renewed
on any other basis, it would be separately insured only until the end of
the six-month grace period.
Interest Rates, Early Withdrawal Penalty:
Will I continue to earn interest at the same rate? Will I be charged an early withdrawal penalty?
U.S. Bank will continue to honor existing rates. You
may withdraw funds from any transferred account without an early
withdrawal penalty until you enter into a new deposit agreement
with your new bank.
Loans/mortgages:
What about my loan or mortgage with Park National Bank?
All mortgages and loans have been assumed by U.S. Bank. Your payment amount
and due date are the same. If you are having your payment deducted from
your account, it will continue as it has in the past. You should continue
to make your checks payable to Park National Bank
and send your payments to the same address.
Loans in Process:
What happens if I had a loan in process that had not closed or a line of credit not fully funded?
You should contact your loan officer. All prior contacts remain the same.
Media: I represent a TV/Newspaper/Radio and would like some information.
Please contact the Office of Public Affairs:
Outstanding Checks:
What about checks that I have written on my account with Park National Bank?
Your checks will clear up to the available balance in your account. You can
continue to use your existing checks.
Safe Deposit Boxes:
How can I claim the contents of my safe deposit box?
It is business as usual. You can go to your local branch and access your
safe deposit box; however, no action on your part is required because of this transaction.
Transaction Types:
Why do all deposits, insured or not, pass in some transactions but not in others?
The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result had been for the FDIC to transfer only the insured deposits in a Purchase and Assumption transaction; however, the temporary increase in the deposit insurance limit has assisted in the transfer of all deposits more often in the past year.
Unpaid Bills:
I did some work for the bank and have not been paid. What should I do?
All claims against Park National Bank, together with proof of the claims, must
be submitted in writing to the Receiver at the following address:
Federal Deposit Insurance Corporation
Receiver: Park National Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent
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