Account(s): What about my account with Premier American Bank?

If you had an account with Premier American Bank, you now have an account with Premier American Bank, N.A., Miami, FL. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts, have been transferred to Premier American Bank, N.A., regardless of the dollar amount. No one lost any money on deposit in Premier American Bank.

Customers should continue to use their existing branches until Premier American Bank, N.A. can fully integrate the deposit records of Premier American 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 Premier American Bank, N.A. 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 Premier American Bank or the FDIC.

ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with Premier American 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 Premier American Bank, N.A. 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, Premier American Bank, N.A. will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, Premier American Bank, N.A. 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 Premier American 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.

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, January 22, 2010, will be paid at your same rate. Premier American Bank, N.A. 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 Premier American Bank?

All mortgages and loans have been assumed by Premier American Bank, N.A. 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 Premier American 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 Premier American 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?

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. The FDIC does not require stockholders to file a claim with the Receiver. However, we recommend that you keep our office informed of any address change, should we need to contact you in the future.

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 Premier American Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address:

Last Updated 12/13/2012

cservicefdicdal@fdic.gov