SOURCE: First California Bank

First California Bank

September 23, 2011 16:00 ET

First California Remits Account Funds Controlled by Durkee & Associates to Los Angeles Superior Court

WESTLAKE VILLAGE, CA--(Marketwire - Sep 23, 2011) - First California Bank today announced that, under an interpleader action, it has remitted approximately $2.5 million of account balance funds controlled by Durkee & Associates to the Los Angeles Superior Court. The Bank said that the matter was now in the hands of the court, which will be in a position to determine the specific amounts that are owed to each of the campaigns, candidates, and organizations that had utilized the services of Durkee.

First California Bank previously announced that it was notifying clients of Durkee & Associates of actions to take in order to resolve the status of accounts that were controlled by Durkee & Associates. First California conducted an initial investigation into the Durkee accounts and found that it appeared Durkee had comingled funds belonging to a number of different campaigns and organizations and made transfers between the accounts on which Durkee had signing authority. The Bank concluded a high likelihood existed that the balance credited to any given account did not accurately represent the funds, if any, actually belonging to the campaign or organization named on the account.

Accordingly, the Bank, upon the advice of counsel, determined that it would file an interpleader action in Los Angeles Superior Court with respect to all, or least the vast majority, of the Durkee controlled accounts.

Individuals affected in this matter may email inquiries to DurkeeInfo@fcbank.com, or call First California Bank's Client Services Group at 1-800-856-7905.

Contact Information

  • For further Information:

    At the Company:
    Diane Dickerson
    Chief Marketing Officer
    805-322-9571

    Address:
    P.O. Box 5112
    Westlake Village, CA 91359-5112