Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

Main Street Bank

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October 10, 2008: Main Street Bank, Northville, Michigan was closed by the Michigan Office of Financial & Insurance Services. The Federal Deposit Insurance Corporation was named Receiver.  

Main Street Bank had total assets of $98 million in assets and $86 million in total deposits as of October 7, 2008.

On Saturday, October 11, the two former Main Street Bank locations reopened as branches of Monroe Bank & Trust. All depositors of Main Street Bank, including any with deposits in excess of the FDIC's insurance limits, automatically became depositors of Monroe Bank & Trust, and will continue to have uninterrupted access to their money.

Transferred deposits will be separately insured from any accounts you may already have at Monroe Bank & Trust for six months after the failure of Main Street.

Monroe Bank & Trust
102 East Front Street
Monroe, MI 48161
(734) 241-3431

Monroe Bank & Trust has agreed to pay a total premium of 1 percent for the failed bank's deposits. In addition, Monroe Bank & Trust will purchase approximately $16.9 million of Main Street's assets, and have a 90-day option to purchase approximately $1.1 million in premises and fixed assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to its Deposit Insurance Fund will be between $33 million and $39 million.

For additional information and assistance contact the FDIC at: 866-934-8944 or go to:

2008 FDIC Insured Failed Banks
Main Street Bank
133 West Main St
Northville, MI 48167

Established in 2004
Assets: $98 million
Deposits: $86 million

Cost to FDIC: $33 - 39 million



Insured deposits: All depositors of Main Street Bank, including any with deposits in excess of the FDIC's insurance limits, automatically became depositors of Monroe Bank & Trust.

Services: As of October 11, 2008 you may continue to use the services to which you previously had access, including safe deposit boxes, night deposit boxes, ATMs, wire services, etc.

Checks: Checks will be processed as usual. All outstanding checks will be paid against your available balance as if no change had occurred. Your new bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, contact your branch office.

Interest: All interest accrued through Friday October 10, 2008, will be paid at your same rate. Monroe Bank & Trust will be reviewing rates and will provide further information soon. You will be notified of any changes.

Withdrawals: Account owners may withdraw your funds from any transferred account without an early withdrawal penalty until a new deposit agreement is signed with Monroe Bank & Trust, as long as the deposits are not pledged as collateral for loans.

Automatic Direct Deposits: Automatic direct deposits and/or automatic withdrawals will be transferred automatically to your new bank. Contact a representative of your assuming institution at your branch office.

Loans: If you had a loan with Main Street Bank, you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to your promissory note with the failed institution. Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan you may call 866-934-8944.

Creditor Claims: Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after failure, the FDIC sends notices directly to all known service providers to explain the claim filing process.

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority: Depositors, General Unsecured Creditors, Subordinated Debt and Stockholders. Note: there are time limits for filing a claim, as specified in the notice. If you provided a service for Main Street Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Main Street Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201

Consumer Alert

Unclaimed FDIC Insured Deposits

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

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised.  For assistance go to: Unclaimed Account Search

History: Established in 2004