What about my account with Temecula Valley Bank?
If you had an account with Temecula Valley Bank, you now have an account
with First-Citizens Bank & Trust Company. All deposit accounts, which include
Checking, Savings, Money Market, CDs and Retirement accounts have been
transferred to First-Citizens Bank & Trust Company, Raleigh, NC, regardless
dollar amount. No one lost any money on deposit in Temecula Valley Bank.
Customers of both banks should continue to use their existing branches until
First-Citizens Bank & Trust Company, can fully integrate the deposit records
of Temecula Valley Bank.
Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any scams to obtain information from you.
ATM/debit card and/or Billpay:
What about my ATM/debit card and/or bill paying with Temecula Valley Bank?
Your ATM/debit card will continue to work, and bill paying will work as it has in the past.
I am a deposit broker or have brokered deposits. What do I do?
Brokered deposits from Depository Organization Cede & Co. as Nominee for DTC. will be held and paid off by the FDIC.. All other brokered deposits, have been assumed by First-Citizens Bank & Trust Company,. Be advised, however, that from and after the date of closing, First-Citizens Bank & Trust Company, will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, First-Citizens Bank & Trust Company, shall permit depositors, impacted by reduced rates to withdraw their deposits without penalty for early withdrawal.
If you are a customer who has a Temecula Valley Bank deposit through Cede & Co., 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 will continue as normal, including Social Security checks.
Existing Deposits at First-Citizens Bank & Trust Company:
I already have other deposit accounts with First-Citizens Bank & Trust
combined with balances at this bank, my deposits exceed $250,000. Are
all funds insured?
The accounts transferred to First-Citizens Bank & Trust Company 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?
First-Citizens Bank & Trust Company will review rates and notify you.
You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with First-Citizens Bank & Trust Company. 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.
What about my loan or mortgage with Temecula Valley Bank?
All mortgages and loans have been assumed by First-Citizens Bank & Trust Company. 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 Temecula Valley 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:
What about checks that I have written on my account with Temecula Valley 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?
Temecula Valley Bank had no publicly owned stock. Equity shareholders
were invested in the holding company, Temecula Valley Bancorp Inc., Temecula,
CA and not in the bank. Please do not file a claim with the Receiver,
rather contact the holding company with any questions you may have:
|Temecula Valley Bancorp Inc.
27710 Jefferson Ave. Suite A100
Temecula, CA 92590
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.