California National Bank is one of the nine banks seized by the Federal Deposit Insurance Corporation (FDIC) on Friday due to bank failure brought about by financial crisis. The other 8 banks that were shut are Bank USA, National Association, Phoenix, Arizona; California National Bank, Los Angeles, California; San Diego National Bank, San Diego, California; Pacific National Bank, San Francisco, California; Park National Bank, Chicago, Illinois; Community Bank of Lemont, Lemont, Illinois; North Houston Bank, Houston, Texas; Madisonville State Bank, Madisonville, Texas; and Citizens National Bank, Teague, Texas.The FDIC said U.S. Bank in Minneapolis agreed to assume the deposits and most of the assets of the banks. Deposits as of Sept. 30, totaled $15.4 billion.
The nine banks had 153 offices, which will reopen as U.S. Bank branches on Saturday during their normal business hours. Depositors of the nine banks will automatically become depositors of U.S. Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until U.S. Bank can fully integrate the deposit records of the nine failed banks.
Over the weekend, depositors of the nine banks can access their money by writing checks or using ATM or debit cards. Checks drawn on the banks will continue to be processed. Loan customers should continue to make their payments as usual.
For more information on California National Bank, please visit this FDIC URL:
http://www.fdic.gov/bank/individual/failed/calnational.html
The nine banks had 153 offices, which will reopen as U.S. Bank branches on Saturday during their normal business hours. Depositors of the nine banks will automatically become depositors of U.S. Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until U.S. Bank can fully integrate the deposit records of the nine failed banks.Over the weekend, depositors of the nine banks can access their money by writing checks or using ATM or debit cards. Checks drawn on the banks will continue to be processed. Loan customers should continue to make their payments as usual.
For more information on California National Bank, please visit this FDIC URL:
http://www.fdic.gov/bank/individual/failed/calnational.html
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