Over $250,000: What if I have more than $250,000
in my accounts at Union Bank, National Association?
All deposit accounts have been transferred in their entirety
to MidFirst Bank. The former Union Bank, National Association’s sole
office will reopen for normal business hours on August 17, 2009, as a branch
As an All-Deposit Transfer transaction, the total of all deposit accounts,
whether within FDIC insurance limits or not, have been assumed by MidFirst Bank
and will be available for business as usual.
Account Hold: 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 continue to be held.
A letter will be sent informing you of any holds placed by the FDIC,
along with instructions on how to proceed. If you have any questions
regarding these holds, please call your loan officer or the FDIC at
the number provided in the letter.
ATM/Debit Card/Checks: 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 for processing; however, it will be
operational shortly after that is accomplished and will be available as
Automatic Payments/Online Billpay: Will my automatic payments through Billpay continue?
Billpay will be available as usual, except for a brief period of time on
Friday evening, August 14, 2009.
Brokered Deposits/Deposit Broker: I am a deposit
broker or I have brokered deposits. What do I need to do?
Brokered deposits will be held and paid directly by the FDIC. If
you are a customer who has a Union Bank, National Association deposit
through a broker, you must contact your broker with any questions.
Checks not honored: A merchant will not honor my check. What can I do?
A copy of this document or the press
can be provided as both documents state all deposits have
been transferred to MidFirst Bank, 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 1-800-640-2538 or your new bank
at the former Union Bank, National Association’s sole office location.
Claim Account(s): How do I claim my account(s)?
Your account(s) has already been transferred to MidFirst Bank, and your
account(s) will be handled as usual. Any withdrawal, renewal or additional
deposits will “claim” your account. Please be advised that
if there is no activity in your account in the next 18 months, that money
will be turned over to your state as unclaimed property in accordance with
state law. Unclaimed
property can be located by visiting www.missingmoney.com or contacting
your state’s treasurer’s office or office of unclaimed property.
Customer Impact: How does this failure affect me?
All deposits (both insured and uninsured) of Union Bank, National Association
have been transferred to MidFirst Bank, and it will be business as usual.
If you held an account at Union Bank, National Association, you now have
an account at MidFirst Bank that is available to you at your former Union
Bank, National Association’s sole office during regular business
Please note: Customers of both banks should continue to use
their respective existing branches until MidFirst Bank can fully integrate
the deposit records of Union Bank, National Association. You will be notified
in advance of this conversion.
The former Union Bank, National Association’s sole office
will reopen for normal business hours on August 17, 2009. You
will have continued access to your money through your ATM/debit
card and by writing checks.
If you had a loan with the bank, continue to make your checks
payable to Union Bank, National Association and mail to the
same address you have used in the past until you are instructed
Deposits Existing at MidFirst 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
The transferred deposits 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.
Direct Deposits, Social Security: What will happen to my direct deposits?
Direct Deposits, including Social Security checks, will continue as normal.
If you need to change anything in the future, please contact or visit your
former Union Bank, National Association’s sole office to make those
Early withdrawal penalty: Will I incur an early withdrawal penalty if I close my CD before
No. 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.
Final Statement: When will I get my
final account statement(s) from Union Bank, National Association?
You will receive your account statements at the same time you have received
them in the past.
Interest: Will I continue to earn interest at the same rate?
All interest on insured deposits accrued through August 14, 2009, will
be paid at your same rate. MidFirst Bank will review rates and notify you
if interest rates will change.
If you deposited funds through a broker, the interest will
accrue and be paid through August 14, 2009.
Interest Checks/Cashier's Checks: Can I cash my interest check or cashier's check?
Interest checks and cashier's checks will continue to clear.
Internet Connection: Will my Internet connection
to Union Bank, National Association work?
The bank website will be available as usual, except for a brief period
of time on Friday evening, August 14, 2009.
IRAs: What if I have an Individual Retirement Account (IRA)? Will my savings still be insured?
Yes, all deposits, including IRAs have been transferred in their
entirety to MidFirst Bank. IRA funds are insured separately from
other types of accounts up to $250,000.
If you close your IRA before maturity, 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.
Lose Any Money: Will I lose anything on my
No. All accounts have been transferred in their entirety to MidFirst
Bank and will be available starting on August 17, 2009.
Outstanding Checks: What will happen to the checks which have not cleared my account?
Checks drawn on Union Bank, National Association that did not clear before
August 14, 2009, will be honored up to your available balance.
Records/Account Histories: What if I
need information regarding my account during the time Union Bank,
National Association was in business?
Please contact a representative of your new bank at your former Union
Bank, National Association branch location to obtain a copy of any records
you may need or visit your branch.
Tax Reporting - 1098/1099s: Who will send my 1098 and/or 1099 information after the end of the year?
MidFirst 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.
Uninsured: Will I collect my uninsured deposits?
All deposits have been transferred in their entirety to MidFirst
Bank; therefore, you have received your deposits in full.
Wire Transfer: Can funds be wired to me?
Please contact your former Union Bank, National Association branch location
to obtain information regarding your wire request.
Automatic Payments: Will my automatic transaction payment still occur on its assigned date?
You should experience no disruption in this service. We encourage you
to check your bank account the day after your scheduled draft to verify
the transaction. If the transaction did not occur, please notify your loan
officer and we will research your loan.
Construction Loan Draws: Will construction draws continue? Will my project be completed?
Each loan is being reviewed independently, and you should direct your
questions to your loan officer. You should direct your questions
to your loan officer.
Construction Loan Voucher Control: Will my subcontractors be paid as before?
Each loan is being reviewed independently and will be determined on a
case-by-case basis. You should direct your questions to your loan officer.
Escrows: Will you continue to pay my escrows?
All services previously performed related to your loan will continue.
Should you receive notification that any portion of your taxes or insurance
were not paid, please notify your loan officer immediately.
Fees: Are there any changes to fees or charges due to this event?
No. The current fee structure will remain the same.
Foreclosures: Will the FDIC continue foreclosures in process?
At this point, all foreclosure actions have been suspended in order to
properly evaluate the loans and the borrowers’ ability to repay.
It is our intention to sell all loans, and it will be up to the new owner
to determine the best method of collection on the loan. There may be instances
where FDIC will continue with the foreclosure process, but this will be
done on a case-by-case basis.
Lender and contact names: Who is my lender and has my loan contact changed?
Your loan is currently owned by the FDIC and is being serviced by all
of the same personnel with whom you have worked in the past. All prior
contacts remain the same.
Loan Sales: Will my loan be sold?
Your loan may be sold at a future date. If that occurs, you will be
notified in advance through written correspondence.
If you are concerned about who your future lender or servicer will be,
you have the right
to independently refinance your loan with another lender.
Loan in Process: I have a loan currently in process. How is my loan impacted?
Please contact your loan officer directly.
Loan Sweeps: Will my loan sweep be discontinued?
This will be determined on a case-by-case basis. Please contact your loan
Overdraft Line of Credit: Will my overdraft line of credit continue to cover my overdrafts?
Yes. These lines have been transferred to MidFirst Bank. Please contact
your new bank if you have additional questions regarding your accounts.
Payments: How and where do I make my payments?
You should continue to make your payments as agreed. Make checks payable
to Union Bank, National Association and utilize the same payment address
information. You may continue to make your payments at the branch or by
phone via check or credit card.
Pre-payment Penalty: If I refinance with another lender, will my pre-payment penalty be waived?
Any pre-payment penalty will be waived as long as FDIC as Receiver for
Union Bank, National Association has control of the asset, and the borrower
obtains refinancing of the outstanding balance on the account with another
SBA Application in Process: What will happen to my SBA loan application in process?
The FDIC as Receiver for Union Bank, National Association will not be originating
any new loans.
If your loan has been approved by the SBA, but is not yet funded,
please contact your loan officer. You will be directed to the proper SBA
contact to help you locate another approved lender.
If your loan is in process, but is not yet approved by the SBA,
we will release your SBA package on file with us to you. You will need to
apply with another SBA-approved lender. Please contact your loan officer
to make arrangements to retrieve your application from the bank.
What Happens Now: What will happen to my loan?
Each loan is currently being reviewed independently to determine the best
action for that individual loan. Your loan may be sold at a future date.
If that occurs, you will be notified in advance through written correspondence.
If you are concerned about whom your future lender or servicer may be,
you have the right to independently refinance your loan with another lender.
Offers to Purchase Other Real Estate: I
was in the process of negotiating the purchase of real property held
by Union Bank, National Association. Will my offer still be considered?
The FDIC will review offers made to purchase real property from the former
Union Bank, National Association and will respond to the offers as soon
as possible. The review process includes ordering a new appraisal, which
could take up to 60 days or more.
The FDIC as Receiver has hired CB Richard Ellis (CBRE) to handle the management and disposition of real property acquired from the institution. If you have questions regarding the status of your offer please feel free to contact CBRE directly. Below is the contact information for CBRE:
CB Richard Ellis / Global Corporate Services
2001 Ross Avenue, Suite 3300 I
Dallas, TX 75201
Email: FDIC-ORE@cbre.com; Kim.email@example.com
All-Deposit Transfer versus Insured Deposit Transfer: Why do all deposits, insured and uninsured, pass is 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 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.
FDIC Insurance: 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):
You may also order any FDIC publication:
|FDIC Public Information Center
3501 North Fairfax Drive
Arlington, VA 22226
Media: I represent a TV/Newspaper/Radio and would like some information.
Please contact the Office of Public Affairs:
New Bank Insured: Is the new bank insured by the FDIC?
Yes. Your transferred deposit at MidFirst Bank is insured by the FDIC to
at least $250,000, as established by law.
Safe Deposit Boxes: 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 your former Union Bank, National
Association branch location.
Shareholders: I am a shareholder. What happens to my shares?
The Union Bank, National Association had no publicly owned stock. Equity
shareholders were invested in the holding company, Heartland Bancshares,
Inc., Gilbert, AZ, 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:
|Heartland Bancshares, Inc.
3631 E. Baseline Road
Gilbert, AZ 85234
Unpaid Bill: I did some work for Union Bank,
National Association and have not yet been paid. What should I do?
Please send your bills to the following address:
FDIC as Receiver for Union Bank, National Association
1601 N. Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
Work for FDIC – Contract or Employment: How can I apply to work for FDIC as a contractor or employee?
You may access information about doing business with the FDIC at
You must also register in the Central Contractor Registration database at
Entry into the database is not a guarantee that a contractor will receive a future solicitation.
You may also call 1-866-308-4470 for more information or send an email to
Please include a statement of your corporate capabilities, contact information and Minority
or Women-Owned Business (MWOB) status, if any.
To review positions currently available at the FDIC, visit
Careers at FDIC (www.fdic.gov/about/jobs/index.html).