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| I. Introduction | ||
| On Friday, August 7, 2009, Community First Bank, Prineville, OR was closed by the Oregon Division of Finance & Corporate Securities, and the Federal Deposit Insurance Corporation (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. | ||
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| II. Press Release | ||
| The FDIC has issued a press release (PR-09-141) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact David Barr at 202-898-6992. | ||
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| III. Acquiring Financial Institution | ||
| All deposit accounts, excluding certain brokered deposits, have been transferred to Home Federal Bank, Nampa, ID ("assuming institution") and will be available immediately. On Monday, August 10, 2009, the former Community First Bank locations will reopen as branches of Home Federal Bank. Your transferred deposits will be separately insured from any accounts you may already have at Home Federal Bank for six months after the failure of Community First Bank. Checks that were drawn on Community First Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. For more information on deposit insurance, you may speak to an FDIC representative regarding deposit insurance by calling 1-800-913-3062 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator. EDIE - FDIC's Electronic Deposit Insurance Estimator You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Home Federal Bank as long as the deposits are not pledged as collateral for loans. You may view more information about Home Federal Bank by visiting their web site. Home Federal Bank (www.myhomefed.com) | ||
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| V. Banking Services | ||
| The Automated Teller Machines (ATM) and online service will remain available. As of Monday, August 10, 2009, you may continue to use the services to which you previously had access, such as safe deposit boxes, night deposit boxes, wire services, etc. Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s) as if no change had occurred. Your new bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office. An account representative will clear up any confusion about the validity of your checks. All interest accrued through Friday, August 7, 2009, will be paid at your same rate. Home Federal Bank will be reviewing rates. You will be notified of any changes. Your automatic direct deposit(s) and/or automatic withdrawal(s) will be transferred automatically to your new bank. If you have any questions or special requests, you may contact a representative of your assuming institution at your branch office. | ||
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| VI. Loan Customers | ||
| If you had a loan with Community First Bank, you should continue to make your payments as usual. The terms of your loan will not change, because they are contractually agreed to in your promissory note. 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. For all questions regarding new loans and the lending policies of Home Federal Bank, please contact your branch office. Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information. | ||
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| VII. Possible Claims Against the Failed Institution | ||
| Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process. Please note: there are time limits for filing a claim, as specified in the notice. All shares of Community First Bank were owned by its holding company, Prineville Bancorporation, Prineville, OR. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Prineville Bancorporation, please do not contact or file a claim with the Receiver. You may contact Prineville Bancorporation directly for information as follows:
Any claims by equity holders were not acquired. If you provided a service for Community First Bank, and have not received a notice, contact:
Or: | ||
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| VIII. Priority of Claims | ||
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
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| IX. Dividend Information | ||
| No dividends have been declared at this time. | ||
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| X. Brokered Deposits | ||
| 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. |
Sunday, August 9, 2009
Failed Bank Information
Information for Community First Bank, Prineville, OR
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