Failed Bank Report: Claim FDIC Insured Accounts at Failed Banks

Lakeside Community Bank - Sterling Heights, MI

Lakeside Community Bank unclaimed funds and IRA search

Lakeside Community Bank closes

lost bank account search at Lakeside Community Bank

April 16, 2010: Lakeside Community Bank, Sterling Heights, MI was closed by the Michigan Office of Financial and Insurance Regulation. The Federal Deposit Insurance Corporation was named receiver.

Assets & Deposits: As of December 31, 2009, Lakeside Community Bank had approximately $53.0 million in total assets and $52.3 million in total deposits.

Successor Bank: An acquiring institution could not be located; therefore, the FDIC will fulfill its obligation to insured depositors by mailing checks for their insured amounts. The FDIC entered into an agreement with First Michigan Bank, Troy Michigan, to accept the failed bank's direct deposits from the federal government, such as Social Security and Veterans' payments

Lakeside Community Bank
43850 Schoenherr Road
Sterling Heights, MI 48313
http://www.banklakeside.com

FDIC Insurance: Principal and interest on insured accounts, through April 16, 2010, are fully insured  up to the insurance limit of $250,000. All interest bearing accounts that exceed the $250,000 insurance limit and/or all interest bearing accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage.  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 1-800-640-2631.

Interest: Principal and interest on insured accounts, through April 16, 2010, 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 Lakeside Community Bank you should continue to make your payments as usual. 

Cost to FDIC: The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $11.2 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
 
 
 
 
Lakeside Community Bank
43850 Schoenherr Road
Sterling Heights, MI 48313
 
 

Established on 1/5/1999
as
Lakeside Community Bank
 

Assets: $53 million
Deposits: $52 million
 
 
Cost to FDIC: $11 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.

1/5/1999 - Lakeside Community 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 and Abandoned Funds Search


Depositor Claims: For additional information and assistance on the Lakeside Community Bank receivership contact the FDIC at: 1-800-640-2631; or go to: http://www.fdic.gov/bank/individual/failed/lakeside-comm.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 Lakeside Community Bank and have not received a notice, please contact:

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


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