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Failed Bank Information
Question and Answer Sheet for First Priority Bank, Bradenton, FL
Customer Service: 941-750-6400
FDIC Call Center: 800-837-0215
The following questions and answers represent the most commonly asked questions by customers of the failed institution. If the balance in your account(s) (this includes any accounts in which you have an ownership) is less than $100,000, no action is required on your part at this time. Your entire account(s) will be transferred to SunTrust Bank and will be available for business as usual during regular business hours.
  1. Over $100,000   What if I have more than $100,000 in my accounts at First Priority Bank?
  2. Is my account fully insured?   Is there a method to verify whether my account(s) at First Priority Bank are fully insured?
  3. Deposit Broker/Brokered Deposits   I am a deposit broker or I have a deposit through a broker.  What do I need to do?
  4. Lose Any Money?  Will I lose anything on my deposit account?
  5. Uninsured  Will I collect my uninsured deposits?
  6. What Happened?  What happened?  Why did the bank fail?
  7. Customer Impact  How does this failure affect me?
  8. Claim Account(s)  How do I claim my account(s)?
  9. ATM/Debit Card/Checks  Can I continue to write checks or use my ATM/Debit card?
  10. Final Statement   How will I get my final account statement(s) from First Priority Bank?
  11. Interest  Will I continue to earn interest at the same rate?
  12. Internet Connection   Why doesn’t my Internet connection to First Priority Bank work?
  13. IRAs   What if I have an Individual Retirement Account (IRA)?  Will my savings still be insured?
  14. Wire Transfer   Can funds be wired to me?
  15. Interest Check/Cashier's Checks  Can I cash my interest check or cashier's check?
  16. Records/Account Histories  What if I need information regarding my account during the time First Priority Bank was in business?
  17. Direct Deposits - Government Deposits  What will happen to my direct deposits?
  18. Automatic Payments/Online Billpay  Will my automatic payments through online Billpay continue?
  19. Outstanding Checks   What will happen to the checks which have not cleared my account?
  20. Loans   How do I make my loan payments?
  21. FDIC Insurance  How can I find out more about Federal Deposit Insurance rules?
  22. Safe Deposit Boxes   How can I claim the contents of my safe deposit box?
  23. Unpaid Bill   I did some work for First Priority Bank and have not yet been paid.  What should I do?
  24. Tax Reporting - 1098/1099s   Who will send my 1098 and/or 1099 information after the end of the year?
  25. Media   I represent a TV/Newspaper/Radio and would like some information.
  26. New Bank Insured   Is the new bank insured by the FDIC?
  27. Deposits Existing at Assuming Bank  I already have other deposit accounts with the new bank.  When combined with balances at this bank, my deposits exceed $100,000.  Are all funds insured?
  28. Checks not Honored  A merchant will not honor my check.  What can I do?
  29. Early Withdrawal Penalty   Will I incur an early withdrawal penalty if I close my CD before maturity?
  30. Account Hold   I have been advised there is a hold on my account.  What does that mean?
  31. Loans in Process   What happens if I had a loan in process that had not closed or a line of credit that was not fully funded?
  32. All Deposit Transfer versus Insured Deposit Transfer  Why do all deposits, insured and uninsured, pass in some transactions but not in others?
  33. Shareholder  I am a shareholder.  What happens to my shares?
1.  What if I have more than $100,000 in my accounts at First Priority Bank?
If you have an account or group of accounts that exceeds $100,000, you may need to complete certain declarations or affidavits and provide documentation so that the FDIC can make an insurance determination on your account(s).

If you are an investor with a deposit broker, you may need to complete one of these forms only if your investment exceeds $100,000.  However, you must mail your form to your deposit broker for submission to the FDIC.

The FDIC will pay uninsured depositors a liquidating dividend of 50% of any uninsured money.  This will be paid by check and will be mailed to your address of record with the bank within two weeks after your insurance determination.

If your deposits DO NOT exceed $100,000, you DO NOT need to complete these documents or contact the FDIC.

An account hold may be placed on an account due to the need for additional documentation from a depositor.  For example, a Declaration for Trust form may be required to attest to the parties involved in the trust.  These forms can be mailed to you, or you can access them online at Deposit Claims.

If you have a question regarding the completion of required affidavits or declarations, please call 800-837-0215 and indicate you have a Form Completion Question.

You may fax your forms to 703-812-7486 or mail them to:

FDIC as Receiver for First Priority Bank
1601 Bryan
Dallas, TX 75201

If you have more than $100,000 in your account, or if the total of your related accounts exceeds $100,000, your accounts may require review by an FDIC Claim Agent and you should call the FDIC to schedule an appointment with an FDIC Claim Agent.

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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2.  Is there a method to verify whether my account(s) at First Priority Bank are fully insured?
A tool Is My Account Fully Insured? (https:www2.fdic.gov/drrip/afi/index.asp) is available that allows failed bank customers the ability to verify whether their account is fully insured or if they need to contact the FDIC.  This service will be available for use no later than the first business day after the bank’s failure.  Once you enter your account number, your insurance status for that account will appear.  If there is a hold on your account, it may be due to the need for the additional documentation referenced in question number 1. If there is a hold, you will need to contact the FDIC at 800-837-0215 to schedule an appointment.
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3.  I am a deposit broker or I have a deposit through a broker.  What do I need to do?
Brokered deposits will be held by the FDIC, and those insured deposits will be paid off when the insurance determination is complete.  The FDIC offers an online 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 in a failed FDIC-insured institution.  Please read the Deposit Broker Processing Guide completely before contacting the FDIC with questions.

Deposit Broker Processing Guide

Should you have any questions regarding the completion of required affidavits or declarations on behalf of your client, please call 800-837-0215 and indicate you have a Form Completion Question.

If you are a customer who has a First Priority Bank deposit through a broker, you must contact your broker with any questions.  Once the FDIC receives a balanced investor file along with all the required documentation, from your broker, your insured funds will be wired to them on your behalf.

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4.  Will I lose anything on my deposit account?
Principal and interest on insured accounts, through Friday, August 1, 2008 are protected by the FDIC, to at least $100,000.  All accounts transferred to SunTrust Bank are insured to at least $100,000.  Certain entitlements and different types of accounts can be insured in excess of the $100,000.

If you have more than $100,000 in your account (or $250,000 in your IRA), or if the total of your related accounts exceeds $100,000, your accounts may require review by an FDIC Claim Agent.  All accounts that appear to be related are reviewed to determine ownership and insurance coverage.  See question number 1 for information regarding forms you may need to complete to expedite this process.

The FDIC will pay uninsured depositors a liquidating dividend of 50% of any uninsured money.  This will be paid by check and will be mailed to your address of record with the bank within two weeks after your insurance determination.

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5.  Will I collect my uninsured deposits?
If it is determined that you have some uninsured funds, the FDIC will mail you a Receiver Certificate.  This certificate entitles you to share proportionately in any funds recovered through the sale of the assets of First Priority Bank.  The FDIC will pay uninsured depositors a liquidating dividend of 50% of any uninsured money.  This will be paid by check and will be mailed to your address of record with the bank within two weeks after your insurance determination.  You may eventually recover more of your uninsured funds as assets are liquidated.

When a financial institution is closed, and the Federal Deposit Insurance Corporation ("FDIC") is appointed as receiver, one of FDIC's responsibilities is to sell the institution's assets to pay the depositors and its creditors.  The money generated by the sale of these assets will flow through the Receivership, and periodic dividend payments will be made to proven claimants when excess cash is available.

For an explanation of the dividend process go to FDIC Dividends from Failed Banks.

Of course, you will receive immediate full payment for your insured amount by transfer to SunTrust Bank.  If you have a deposit through a broker, your insured funds will be wired to your broker on your behalf once the FDIC receives all required documentation from your broker.

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6.  What happened?  Why did the bank fail?
First Priority Bank, Bradenton, Florida, was closed Friday, August 1, 2008 by the Florida Office of Financial Regulation.  Subsequently, The Federal Deposit Insurance Corporation (FDIC) was named receiver.  The FDIC will transfer insured deposits and certain assets of First Priority Bank, to SunTrust Bank, based in Atlanta, GA.  See the Florida Office of Financial Regulation Press Release for further information.  According to regulatory policy, there is no advance notice given to the public.  The good news is that no one lost any insured deposit money as a result of the closure of First Priority Bank.  To protect depositors, the FDIC Board of Directors approved the assumption of First Priority Bank’s insured deposits by SunTrust Bank.
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7.  How does this failure affect me?
The effect of the failure on the average depositor of First Priority Bank will be minimal, as the FDIC transferred the insured deposits and certain assets to SunTrust Bank.  If you held an account at First Priority Bank, you now have an account at SunTrust Bank.

If the balance in your account(s) (this includes any accounts in which you have an ownership) is less than $100,000, no action is required on your part at this time.  Your entire account(s) will be transferred to SunTrust Bank and will be available for business as usual during regular business hours.

If you have more than $100,000 in your account (or $250,000 in your IRA), or if the total of your related accounts exceeds $100,000, your accounts may require review by an FDIC Claim Agent.  All accounts that appear to be related are reviewed to determine ownership and insurance coverage.  Certain entitlements and different types of accounts can be insured in excess of the $100,000.  If you think you might have uninsured deposits, please see question number 1 for information regarding forms you may need to complete to expedite this process.

If you had a loan with the bank, you should continue to make your payments and send them to the same address you have used in the past until you are instructed otherwise.  Continue to make your checks payable to First Priority Bank. If you have further questions about your loan you may call 941-750-6400, option 3.

The former First Priority Bank locations will reopen as branches of SunTrust Bank.  Please note you will not be able to transact business at existing SunTrust branches until you are notified.  Existing customers of SunTrust will not be able to transact business at these former First Priority Bank branches.

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8.  How do I claim my account(s)?
A deposit insurance payment of your account(s) up to the insured limit has already been transferred to SunTrust Bank, and your account will be handled as usual.  Any withdrawal, renewal or additional deposits will “claim” your account(s).  Please be advised that if there is no activity in your account in the next 18 months, that money will be escheated to your state.  Unclaimed property can be located by visiting www.missingmoney.com or contacting your state’s treasurer’s office or office of unclaimed property.
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9.  Can I continue to write checks or use my ATM/Debit card?
You will be able to continue using your personal checks at this time, and your ATM/Debit card will continue to work.  The ATM machine will be unavailable for a short period of time on Friday to obtain closing numbers; however, it will be operational shortly after that is accomplished and will be available as usual.
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10.  How will I get my final account statement(s) from First Priority Bank?
You will receive your account statements at the same time you have received them in the past.
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11.   Will I continue to earn interest at the same rate?
All interest on insured deposits accrued through August 1, 2008, will be paid at your same rate.  SunTrust Bank will be reviewing rates and will provide further information soon.

If you deposited funds through a broker, the interest will accrue and be paid through Friday, August 1, 2008.

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12.  Why doesn’t my Internet connection to First Priority Bank work?
Over the weekend, the website will be available in a read-only mode.  Online transactional service is expected to resume on Monday.  First Priority Bank had a number of avenues for customers to access funds, and each of those avenues had to be closed off so that a final accounting could be completed.
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13.   What if I have an Individual Retirement Account (IRA)?  Will my savings still be insured?
Yes.  IRA funds are insured separately from other types of accounts up to $250,000.

If you close your IRA before maturity, or receive a dividend check for 50% of any uninsured portion of your IRA, you have 60 days to roll this over into another retirement vehicle.  You should consult IRS Publication 590 and/or your tax advisor concerning the possible tax consequences of such distribution.  IRS Publication 590 may be obtained by contacting your local IRS office or via the Internet at www.irs.gov.

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14.  Can funds be wired to me?
Please contact SunTrust Bank at 941-750-6400 to obtain information regarding your wire request.
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15.  Can I cash my interest check or cashier's check?
Interest checks and cashier's checks will continue to clear up to the insurance limit.  Outstanding cashier's checks and interest checks are eligible for deposit insurance coverage and will be added back to any other of your account balances with the same ownership capacities to determine your insurance coverage.  If a portion of an interest check or cashier's check exceeds the insurance limits, a stop payment order may have been issued on that check.  If you believe that a check in your possession exceeds the deposit insurance limits, you can call the FDIC at 800-837-0215 to schedule an appointment to speak to an FDIC Claim Agent
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16.   What if I need information regarding my account during the time First Priority Bank was in business?
Please contact a representative of SunTrust Bank Customer Service at 941-750-6400 to obtain a copy of any records you may need or visit your branch.
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17.  What will happen to my direct deposits?
Direct Deposits will continue as normal.  If you need to change anything in the future, please contact SunTrust Bank to make those arrangements.
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18.   Will my automatic payments through online Billpay continue?
Any payments scheduled will continue as usual.  Any new payments can only be scheduled starting on Monday.
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19.  What will happen to the checks which have not cleared my account?
Checks that were drawn on First Priority Bank that did not clear before the institution closed will be honored up to your available balance or the insured amount.
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20.   How do I make my loan payments?
If you had a loan with the bank, you should continue to make your payments and send them to the same address you have used in the past until you are instructed otherwise.  Continue to make your checks payable to First Priority Bank.
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21.  How can I find out more about Federal Deposit Insurance rules?
You may access our website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE):

Deposit Insurance
Are my deposits insured?
EDIE

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22.  How can I claim the contents of my safe deposit box?
It is business as usual.  You may go to your branch and access your safe deposit box or make appointments by calling SunTrust Bank at 941-750-6400.
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23.  I did some work for First Priority Bank and have not yet been paid.  What should I do?
Please send your bills to the same address you have used in the past.
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24.  Who will send my 1098 and/or 1099 information after the end of the year?
SunTrust Bank will be responsible for mailing your 1099 tax information.  Your 1098 reporting will be done by the FDIC or the servicer of your loan.  You will be notified of any changes in ownership or servicing of your loan.
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25.   I represent a TV/Newspaper/Radio and would like some information.
In Florida, please contact Andrew Gray at 202-494-1049.  In Washington, DC, contact David Barr with the Office of Public Affairs at 202-898-6992.
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26.  Is the new bank insured by the FDIC?
Yes.  Your deposit at SunTrust Bank is insured by the FDIC, and each depositor is insured to at least $100,000, as established by law.
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27.  I already have other deposit accounts with the new bank.  When combined with balances at this bank, my deposits exceed $100,000.  Are all funds insured?
The accounts transferred to SunTrust Bank will be separately insured for at least six months after the merger.  This grace period gives a depositor the opportunity to restructure his or her accounts, if necessary.

CDs from the assumed 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.

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28.   A merchant will not honor my check.  What can I do?
A copy of this document or the press release can be provided as it states deposits have been transferred, and it is business as usual.  Copies of this press release will be available at the bank.  Depositors or merchants can also call the FDIC at 800-837-0215.
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29.  Will I incur an early withdrawal penalty if I close my CD before maturity?
No.  You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with SunTrust Bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to, or a withdrawal from, your account.
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30.   I have been advised there is a hold on my account.  What does that mean?
It is possible a depositor’s account was held due to delinquent loans where the depositor is the borrower or guarantor.  Additionally, any account pledged as collateral for a loan will be held.  A letter will be sent informing you of these types of account holds, along with instructions on how to proceed.  If you have any questions regarding these types of account holds, please call the FDIC at 941-750-6400, option 3.

Another reason an account hold may be placed is due to the need for additional documentation from a depositor.  For example, a Declaration for Trust form may be required to attest to the parties involved in the trust.  These forms can be mailed to you, or you can access them online at Deposit Claims.

If you have a question regarding the completion of required affidavits or declarations, please access instructions on completing the declarations.  If your question is not resolved by going to the website, please call 800-837-0215 and indicate you have a Form Completion Question.

You may fax your completed forms to 703-812-7486 or mail them to

FDIC as Receiver for First Priority Bank
1601 Bryan
Dallas, TX 75201

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31.   What happens if I had a loan in process that had not closed or a line of credit that was not fully funded?
Please contact the FDIC at 941-750-6400, option 3.  An FDIC representative will then return your call to discuss your individual loan.
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32.   Why do all deposits, insured and uninsured, pass in some transactions but not in others?
The FDIC is required by law to employ the most cost-effective resolution measures for each failed financial institution.  The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction.  The FDIC is only able to transfer all deposits if the uninsured amounts are covered by the premium.  The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.
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33.   I am a shareholder.  What happens to my shares?
Shareholders have a claim against the receivership; however, they have the lowest priority of claim.  You should discuss this with an accountant and/or the IRS concerning the exact requirements necessary to recognize the investment as a loss for tax purposes.
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Last Updated 08/16/2012 Customer Service