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On June 26, 2009, MetroPacific Bank, Irvine, CA, was closed by the California Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Sunwest Bank, Tustin, CA acquired all the deposits and assets of MetroPacific Bank from the FDIC as Receiver for MetroPacific Bank. Any claims by equity holders were not acquired. Share price does not trigger a bank closing and was not the reason for MetroPacific Bank’s failure.
The total balance in your account(s) has been transferred to Sunwest Bank, Tustin, CA and will be available for transactions during regular business hours at the former MetroPacific Bank office starting on Monday, June 29, 2009.
You may continue to use your same checks, ATM cards and debit cards until notified.
All Direct Deposits, including Social Security checks, will continue as usual.
Account(s): What about my account with MetroPacific Bank?
If you had an account with MetroPacific Bank, you now have an account with
Sunwest Bank. All deposit accounts, which include Checking, Savings, Money
Market, CDs and Retirement accounts have been transferred to Sunwest Bank,
Tustin, CA, regardless of the dollar amount. No one lost any money on deposit
in MetroPacific Bank.
ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with MetroPacific 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?
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 following Deposit Broker Processing Guide
completely before contacting the FDIC with questions:
Direct Deposits - Government Deposits: What will happen to my direct deposits?
Direct Deposits will continue as normal, including Social Security checks.
Existing Deposits at Sunwest Bank: I already have other deposit accounts with Sunwest Bank. When combined with balances at this bank, my deposits exceed $250,000. Are all funds insured?
The accounts transferred to Sunwest Bank will be separately insured for
at least six months after the merger. This grace period gives a depositor
the opportunity to restructure the accounts, if necessary.
Interest Rates, Early Withdrawal Penalty: Will I continue to earn interest at the same rate? Will I be charged an early withdrawal penalty?
Sunwest Bank will review rates and notify you.
Loans/mortgages: What about my loan or mortgage with MetroPacific Bank?
All mortgages and loans have been assumed by Sunwest 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 MetroPacific 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 MetroPacific 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.
Shareholders: What about my shares of stock?
Any claims by equity holders were not acquired.
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 is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.