Welcome clients of First Vietnamese American Bank
On November 5, Grandpoint Bank acquired First Vietnamese American Bank from the Federal Deposit Insurance Corporation (FDIC) after the bank was closed by the California Department of Financial Institutions. We are pleased to bring the safety and security of our rock solid financial strength as well as our comprehensive product lines and personalized relationship banking to our new clients from First Vietnamese American Bank. We want to assure you that your money is safe and that all of your eligible accounts remain covered by FDIC insurance, up to $250,000 per depositor for each interest-bearing account ownership category and unlimited coverage for non-interest-bearing transaction accounts.
You do not need to make any changes in the way you conduct your banking at this time. You may continue to access your accounts as you have in the past and conduct your banking business at the Westminster office. For now, First Vietnamese American Bank will continue to operate under its current name.
In the coming weeks, we will provide you with updates as we transition your banking relationship to Grandpoint Bank, and we will notify you of any changes to your existing accounts. We have included a list of frequently asked questions below this letter, which we hope will be helpful to you. We also invite you to review our website to learn more about Grandpoint Bank.
We appreciate your business and your continued patronage. It is our privilege to have you as a valued client.
Sincerely,
| Jan R. Cloyde |
|
Frequently Asked Questions
1. Are my accounts still FDIC insured?
Yes. The money you have on deposit will continue to be insured by the FDIC. As a result of recent legislation, FDIC insurance has increased from $100,000 to $250,000 per depositor for each interest-bearing account ownership category and unlimited coverage for non-interest-bearing transaction accounts.
2. Is Grandpoint Bank safe?
Absolutely. Grandpoint Bank has a very strong capital base and is managed by a highly experienced team of Southern California banking executives. The bank, which is a wholly owned subsidiary of Grandpoint Capital, Inc., was launched in June 2010 with a $75-million capital investment, part of a $335-million capital commitment raised by Grandpoint Capital.
3. How will I be affected by this change?
At this time, you do not need to make any changes in the way you conduct your banking. You should continue to bank at the Westminster office, use your existing checks, access your online banking through the First Vietnamese American Bank website, and continue to make your loan payments as you always have.
4. Will my deposit account numbers change?
For now, your deposit account numbers will remain the same.
5. Will my account statement cycle change?
No, your statement cycle will remain the same.
6. Can I continue to mail in my deposits?
Yes, you can continue to mail in your deposits.
7. Will I be able to access my account information online?
Yes, until we notify you otherwise, you should continue to access all of your online banking features through the First Vietnamese American Bank website.
8. Can I continue to use my existing ATM or Debit Card?
Yes, you may continue to use your ATM or Debit Card.
9. Will you change the interest rate on my certificate of deposit?
The terms of your current certificate of deposit may change. We will notify you of any change in the terms and your right to withdraw your deposit.
10. Will you change the rates on my checking, savings or money market accounts?
Rates on checking, savings and money market accounts may change. Grandpoint offers competitive rates for all of these accounts. We will notify you of any rate changes that affect your current accounts.
11. Will any of the terms or conditions of my loan change?
No. The terms of your existing loan agreement will not change.
12. Can I bank at other Grandpoint Bank branches?
Once our systems are merged, you will be able to conduct your banking at Grandpoint's other banking offices:
Santa Ana
1666 N. Main Street
Santa Ana, CA 92701
Los Angeles
355 S. Grand Avenue, Suite 2400
Los Angeles, CA 90071
.
