More Bank Failures

First Priority Bank is seized

 First Priority Bank was seized and closed Friday by banking regulators due to having millons of dollars in bad loans. First Priority offices will reopen as SunTrust on Monday with regular business hours.

Principal and interest on insured accounts, through August 1, 2008, are fully insured by the FDIC, up to the insurance limit of $100,000. Customers will receive full payment for insured accounts. Certain accounts, such as IRAs, are insured for up to $250,000.

All accounts that exceed the $100,000 insurance limit are reviewed by the FDIC to determine their ownership and insurance coverage. Customers who think they might have uninsured deposits should call the FDIC Call Center, (800) 837-0215, to arrange for a telephone interview with a claims agent.