On Friday, April 24, 2009, First Bank of Beverly Hills, Calabasas, CA was
closed by the the California Department of Financial Institutions and the FDIC was named
Receiver. No advance notice is given to the
public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship
with this institution. Besides a checking
account, you may have Certificates of Deposit, a car loan, a business checking
account, a commercial loan, a Social Security direct deposit, and other
relationships with the institution. The FDIC has compiled the
following information, which should answer many of your questions.
The FDIC has issued a press release (PR-059-2009) about
the institution's closure. If you represent a media outlet and would
like information about the closure, please contact Andrew Gray at 202-898-7192.
Deposits that have not been claimed for First Bank of Beverly Hills and held by the FDIC for a period of 18 months of the failure. Custody of unclaimed funds is subsequently transferred to the appropriate state according to Federal Law (12 U.S.C., 1822(e)).
This link will allow you to verify the insurance status of each of your accounts. This link will be available
for use no later than the first business day after bank failure.
Simply enter your account number in the search screen. If you receive the message that "your account
is fully insured" a link will appear that provides you with additional information. If you receive the message that you should contact the FDIC, then a link will appear that provides
you contact information.
An assuming institution could not be located; therefore, the FDIC will fulfill its obligation to insured depositors by mailing checks for their insured amounts.
Principal and interest on insured accounts, through Friday, April 24, 2009,
are fully insured by the FDIC, up to the insurance limit of $250,000. You
will receive full payment for your insured account. Certain entitlements
and different types of accounts can be insured for more than the $250,000
limit. IRA funds are insured separately from other types of accounts,
up to a $250,000 limit.
All interest bearing accounts that exceed the $250,000 insurance limit
and/or all interest bearing accounts that appear to be related and exceed
this limit are reviewed
to determine their ownership and insurance coverage. If you think
you might have uninsured deposits, you should call the FDIC Call Center
arrange for a telephone interview with a Claims Agent at 1-800-523-8089.
The Claim Agent may direct you to download and submit a particular
form that will assist in expediting the processing of your claim.
FDIC Call Center
Toll free number 1-800-523-8089
Hours of Operation – Pacific Time
April 24, 2009:
Until 9:00 p.m.
Saturday, April 25, 2009:
9:00 a.m. - 6:00 a.m.
April 26, 2009:
Noon - 6:00 p.m.
8:00 a.m. - 8:00 p.m.
If it is determined that you have uninsured funds, the FDIC will generate
and mail to you a Receiver Certificate. This certificate entitles
you to share proportionately in any funds recovered through the disposal
of the assets of First Bank of Beverly Hills. This means that
you may eventually recover some of your uninsured funds.
Your CD(s) will automatically be closed,
and you will receive a check up to the insured amount from the FDIC. You
will not be assessed an early withdrawal penalty. A
hold may be in place on deposit accounts due to delinquent loans where the
depositor is the borrower or guarantor. Additionally, any account pledged
as collateral for a loan will be held.
On Friday, April 24, 2009, all accounts have
been closed and you will receive a check up to your insured amount and a final
will no longer have access to the website and online services.
If you had a loan with First Bank of Beverly Hills, you should
continue to make your payments as usual. The terms of your loan will not change
under the terms of the loan contract, because they are contractually agreed to
in your promissory note with the failed institution. Checks should be made
payable as usual and sent to the same address until further notice. If you have
further questions regarding an existing loan, please contact your loan officer.
If you or your company provided a service or product, leased space, furniture, or equipment to
First Bank of Beverly Hills after Friday April 24, 2009 and have not been paid you do not have a claim against
First Bank of Beverly Hills. Please follow your normal billing procedures by providing an invoice as instructed.
Claims against failed financial institutions occur when bills sent to the
institution remain unpaid at the time of failure. If you or your company provided
a service or product, leased space, furniture, or equipment to First Bank of
prior to Friday April 24, 2009 and have not been paid you may be
entitled to a claim against the bank. If you provided a product to or a service for
First Bank of Beverly Hills prior to the bank's failure for which you have not been
paid and you have not received communication,
Federal Deposit Insurance Corporation
Receiver: First Bank of Beverly Hills 1601 N. Bryan Street Dallas, TX 75201-3430 Attention: Claims Agent
Please note: There are time limits for filing a claim,
your claim must be filed on or before 07/28/2009.
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site
outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance
coverage on custodial accounts deposited in a failed FDIC Insured Institution.