15

Plaza Bank, Irvine, California, Assumes All of the Deposits of 1^st Commerce Bank, North Las Vegas, Nevada

FOR IMMEDIATE RELEASE June 6, 2013

Media Contact: LaJuan Williams-Young Office: 202-898-3876 Cell: 571-215-6027 Email: lwilliams-young@fdic.gov

1^st Commerce Bank, North Las Vegas, Nevada, was closed today by the Federal Deposit Insurance Corporation (FDIC). The FDIC Board of Directors issued an order authorizing the FDIC to close, and become receiver of, 1^st Commerce Bank, by exercising its self-appointment powers granted by Congress through the FDIC Improvement Act of 1991 (FDICIA).
To protect depositors, the FDIC entered into a purchase and assumption agreement with Plaza Bank, Irvine, California, to assume all of the deposits of 1^st Commerce Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.
The sole former office of 1^st Commerce Bank will reopen on Friday as a branch of Plaza Bank during its normal business hours. Depositors of 1^st Commerce Bank will automatically become depositors of Plaza Bank. Customers of 1^st Commerce Bank should continue to use their current branch until they receive notice from Plaza Bank that systems conversions have been completed to allow full-service banking at all branches of Plaza Bank.
In addition, this evening, Friday and over the weekend, depositors of 1^st Commerce Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of March 31, 2013, 1^st Commerce Bank had approximately $20.2 million in total assets and $19.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, Plaza Bank agreed to purchase essentially all of the failed bank's assets.
The FDIC and Plaza Bank entered into a loss-share transaction on $12.2 million of 1^st Commerce Bank's assets. Plaza Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
Customers with questions about today's transaction should call the FDIC toll-free at 1-800-405-6318. The phone number will be operational this evening until 9:00 p.m., Pacific Daylight Time (PDT); on Friday from 9:00 a.m. to 6:00 p.m., PDT; on Saturday from 9:00 a.m. to 6:00 p.m., PDT; on Sunday from noon to 6:00 p.m., PDT; and thereafter from 9:00 a.m. to 5:00 p.m., PDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/1stcommerce.html.
The FDIC estimates that cost to the Deposit Insurance Fund will be $9.4 million. Compared to other alternatives, Plaza Bank's acquisition was the least costly resolution for the FDIC's DIF. 1^st Commerce Bank is the 15^th FDIC-insured institution to fail in the nation this year, and the first in Nevada. The last FDIC-insured institution closed in the state was Nevada Commerce Bank, Las Vegas, on April 8, 2011.