All deposit accounts, which include Checking, Savings, Money Market, CDs and
Retirements accounts have been transferred to U.S. Bank National Association,
Cincinnati, OH, regardless of the dollar amount. No one lost any money on deposit
in Downey Savings.
If you had an account with Downey Savings, you now have an account with U.S.
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.
already have other deposit accounts with the new bank. When combined with
balances at this bank, my deposits exceed $250,000. Are all funds
The accounts transferred to U.S. Bank 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
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
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.
All mortgages and loans have been assumed by U.S. Bank. 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 Downey Savings and send your payments to the same address.
What about my shares of stock, notes or subordinated notes that I own in
On November 21, 2008, Downey Savings and Loan Association, F.A. was closed
by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation
(FDIC) was then named Receiver. Subsequent to the closure, U.S. Bank acquired
the assets and most of the liabilities of Downey Savings from the FDIC as
Receiver for Downey Savings. Any claims by equity holders were not acquired.
There was no publicly owned stock
in Downey Savings. If you are an equity shareholder, your shares are in
Downey Financial Corporation, Newport Beach, CA, the holding company for
Downey Savings, and not the institution. Downey Financial Corporation
and the interests of equity, debt holders or other creditors of Downey
Financial Corporation are not included in the closure or receivership of
the institution. Please contact Downey Financial Corporation directly for
3501 Jamboree Rd
Newport Beach, CA 92660
All claims against Downey Savings,
together with proof of the claims, must be submitted in writing to the
Receiver at the following address:
FDIC as Receiver of Downey
1601 Bryan Street
Dallas, TX 75201
Attention: Claim Agent
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.