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Citizens State Bank - New Baltimore, MI

Citizens State Bank unclaimed account

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December 18, 2009: Citizens State Bank, New Baltimore, MI was closed by The Michigan Office of Financial and Insurance Regulation. The Federal Deposit Insurance Corporation was named receiver.

Assets & Deposits: As of September 30, 2009, Citizens State Bank had $168.6 million in total assets and $157.1 million in total deposits.

Successor Bank: The FDIC has created the Deposit Insurance National Bank of New Baltimore (DINB of New Baltimore) to facilitate the resolution of Citizens State Bank. All insured deposits, CDs, and IRAs, have been transferred to DINB New Baltimore and are available immediately. The Huntington National Bank, Columbus, Ohio, will provide operational management for DINB. Checks for insured CDs and insured IRAs were sent to depositors on December 21, 2009. DINB will remain open for approximately 45 days to allow depositors access to their insured deposits and time to open accounts at other insured institutions.

Deposit Insurance National Bank (DNIB) of New Baltimore
51066 Washington Street
New Baltimore, MI 48047
http://www.mycommunitybank.com

FDIC Insurance: Principal and interest on insured accounts, through Friday, December 18, 2009, are fully insured by the FDIC, up to the insurance limit of $250,000. At the time of closing, deposits of approximately $803,000 potentially exceeded the insurance limits. Uninsured deposits were not transferred to the DINB. If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with  a Claims Agent at 1-800-350-2746.

Interest: Principal and interest on insured accounts, through Friday, December 18, 2009, are fully insured by the FDIC, up to the insurance limit of $250,000.

Checks, Loans, Interest and Automated Transactions: Checks will be processed as usual. Automatic direct deposits and withdrawals will be transferred to your new bank. If you had a loan with Citizens State Bank, you should continue to make your payments as usual. 

Cost to FDIC: The cost to the FDIC's Deposit Insurance Fund is estimated to be $76.6 million.

Note: ► Depositors must establish contact with the successor bank or the FDIC, when there is no successor, to reclaim their deposits. Failure to do so could ultimately result in a loss of insured funds. ► The interest rate paid by your former bank is subject to immediate change. ► Transferred deposits are separately insured for only 6 months after the date of transfer. ► Beneficial owners of fiduciary accounts (including UTMA, IOLTA and brokered CDs) should contact their brokers immediately to ensure proper claims procedures are followed. ► Safe deposit boxes should be promptly claimed.

2009 FDIC Insured Failed Banks
 
 
 
 
Citizens State Bank
51066 Washington Street
New Baltimore, MI 48047
http://www.mycommunitybank.com
 

Established on 6/3/1922 
as
Citizens State Savings Bank
 

Assets: $169 million
Deposits: $157 million
 
 
Cost to FDIC: $77 million

 

 
 

History: You may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

06/03/1922 - Established as Citizens State Savings Bank
11/30/1988 - Changed name to Citizens State Bank


Depositor Alert

Unclaimed FDIC Insured Deposits

There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.

Be advised that not every depositor with funds in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.

Beneficial owners of fiduciary accounts, including Uniform Transfers To Minors accounts, escrow accounts, Interest on Lawyer Trust Accounts (IOLTA), and deposit accounts obtained through a broker (Brokered Accounts) will not be contacted by the FDIC.

This is because these accounts are on the failed bank's records in the name of the fiduciary, not the individual owner. The FDIC does not have access to ownership information, and therefore will not contact individual depositors. It is the responsibility of the broker or other fiduciary to initiate a claim.

In addition, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage, after a period of time. If an individual already has accounts at a successor institution, perhaps unknowingly in the case of brokered deposits, the insurance limit may be exceeded and funds could be lost in a subsequent receivership.

Finally, in the worst case scenario, by law accounts which go unclaimed for an extended period may be time barred, and safe deposit boxes can be drilled and the contents sold at auction.

It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

For assistance tracing and reclaiming a lost bank account or safe deposit box go to: Missing or Unclaimed Account Search


Depositor Claims: For additional information and assistance on the Citizens State Bank receivership contact the FDIC at: 1-800-350-2746; or go to: http://www.fdic.gov/bank/individual/failed/citizensstate-mi.html

Creditor Claims: Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process. If you provided a service for Citizens State Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Citizens State Bank
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent
1-800-568-9161



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