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Question and Answer Guide
Peoples First Community Bank, Panama City, FL
FDIC Call Center
Toll free number 1-800-523-8177
Hours of Operation – Central Time
Friday, December 18, 2009:   Until 9:00 p.m.
Saturday, December 19, 2009:   9:00 a.m. – 6:00 p.m.
Sunday, December 20, 2009:   Noon – 6:00 p.m.
Thereafter:   8:00 a.m. – 8:00 p.m.


NOTE: Due to the Christmas Holiday, the FDIC Call Center will not be operational between the hours of 3 p.m., Thursday, December 24, 2009 and 8 a.m. Monday, December 28, 2009.

On December 18, 2009, Peoples First Community Bank, Panama City, FL, was closed by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Hancock Bank, Gulfport, MS acquired all of the deposits and substantially all the assets of Peoples First Community Bank from the FDIC as Receiver for Peoples First Community Bank. Any claims by equity holders were not acquired.

The total balance in your account(s) has been transferred to Hancock Bank and will be available for transactions during regular business hours at the former Peoples First Community Bank branches starting on Saturday, December 19, 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 Peoples First Community Bank?

If you had an account with Peoples First Community Bank, you now have an account with Hancock Bank, Gulfport, MS. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts, have been transferred to Hancock Bank, regardless of the dollar amount. No one lost any money on deposit in Peoples First Community Bank.

Customers of both banks should continue to use their existing branches until Hancock Bank can fully integrate the deposit records of Peoples First Community 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 Hancock Bank to claim/unlock/unsuspend your account or to provide any private information. Please be watchful for and resist any such scams to obtain information from you by individuals or entities purporting to act on behalf of Peoples First Community Bank or the FDIC.

ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with Peoples First Community 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, excluding the Cede & Co. brokered deposits, have been assumed by Hancock Bank. The FDIC retained the Cede & Co. brokered deposits and will pay those accounts off directly.

Be advised, however, that from and after the date of closing, Hancock Bank will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, Hancock Bank shall permit depositors, including brokered depositors, impacted by reduced rates to withdraw their deposits without penalty for early withdrawal.

If you are a customer who has a Peoples First Community 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.

Direct Deposits - Government Deposits: What will happen to my direct deposits?

Direct Deposits, including Social Security checks, will continue as normal.

Existing Deposits at Hancock 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 Hancock 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.

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?

Interest on all deposits accrued through Friday, December 18, 2009, will be paid at your same rate. Hancock Bank will review rates and notify you if interest rates will change. Your interest rate may be reduced.

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. 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.

Loans/mortgages: What about my loan or mortgage with Peoples First Community Bank?

All mortgages and loans have been assumed by Hancock 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 Peoples First Community 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:

LaJuan Williams-Young
1-202-898-3876
LWilliams-Young@fdic.gov

Outstanding Checks: What about checks that I have written on my account with Peoples First Community 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?

All shares of Peoples First Community Bank were owned by its holding company, Peoples First Properties, Inc., Panama City, FL. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Peoples First Properties, Inc., please do not contact or file a claim with the Receiver. You may contact Peoples First Properties, Inc. directly for information as follows:

Peoples First Properties, Inc.
1022 W 23rd Street
Panama City, FL 32402

1-800-624-9699

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 Peoples First Community Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address:

Federal Deposit Insurance Corporation
Receiver: Peoples First Community Bank
8800 Baymeadows Way West
Jacksonville, FL 32256
Attention: Claims Agent



Last Updated 11/05/2012 cservicefdicdal@fdic.gov