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FDIC APPROVES ASSUMPTION OF INSURED DEPOSITS OF FIRST TRUST BANK, ONTARIO, CALIFORNIA

FOR IMMEDIATE RELEASE
PR-16-95 (3-3-95)
Media Contact:
Andrew Porterfield (714) 442-1131

The Board of Directors of the Federal Deposit Insurance Corporation has approved the assumption of insured deposits of First Trust Bank, Ontario, California, by First Interstate Bank of California, Los Angeles, California. First Trust, with total assets of $245.6 million, was closed by Stan M. Cardenas, Acting State Bank Superintendent, on Friday, March 3, 1995, and the FDIC was named receiver.

The failed bank's 14 offices will reopen as branches of First Interstate Bank. All insured deposits will be available beginning Monday, March 6, 1995. The failed bank's depositors will automatically become depositors of the assuming bank.

First Interstate Bank will assume about $197.2 million (as of November 1994) in about 26,200 deposit accounts. At the time the bank failed, about $11.6 million in approximately 180 accounts exceeded the federal insurance limit and will not be assumed by First Interstate.

The FDIC Board of Directors also voted to make a prompt advance payment to uninsured depositors equal to 70 percent of uninsured claims. Beginning Monday, March 6, 1995, uninsured depositors can call an FDIC claims agent at the following locations to arrange payment:

-- (619) 346-3826 in Rancho Mirage for the Rancho Mirage, Indio and Palm Springs offices,

-- (909) 983-0511 in Ontario for Ontario, Montclair and Upland offices,

-- (909) 931-5182 in Rancho Cucamonga for Rancho Cucamonga, Fontana and Alta Loma offices,

-- (909) 735-0123 in Corona for the Corona, Chino, Lake Elsinore and Riverside offices, and

-- (909) 658-2101 for the Hemet office.

The assuming bank will pay a premium of $16.0 million for the right to receive the failed bank's deposits and will purchase $136.4 million of the failed bank's assets.

The FDIC notes that its claim on recoveries from the sale of the failed bank's assets will have priority over non-depositor creditors of the failed bank.

Last Updated 07/14/1999 communications@fdic.gov