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Mainstreet Bank - Forest Lake, MN

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August 28, 2009:  Mainstreet Bank, Forest Lake, MN was closed by the Minnesota Department of Commerce. The Federal Deposit Insurance Corporation was named Receiver.

As of June 30, 2009, Mainstreet Bank had total assets of $459 million and total deposits of approximately $434 million.

The FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of Mainstreet Bank.

All deposit accounts, excluding certain brokered deposits, have been transferred to Central Bank and are available immediately. On Saturday, August 29, 2009, the eight former Mainstreet Bank locations will reopen as branches of Central Bank.

Transferred deposits will be separately insured from any accounts you may already have at Central Bank for six months after the failure of Mainstreet Bank. Checks that were drawn on Mainstreet Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. Automatic direct deposits and automatic withdrawals will be transferred automatically to your new bank.

All interest accrued through Friday, August 28, 2009, will be paid at your same rate; however Central Bank will be reviewing rates.

Central Bank
2270 Frontage Road
Stillwater, MN 55082
763-497-3114       
http://www.centralbnk.com

Central Bank will pay the FDIC a premium of 0.10 percent to assume all of the deposits of Mainstreet Bank. In addition to assuming all of the deposits of the failed bank, Central Bank agreed to purchase essentially all of the assets. The FDIC and Central Bank entered into a loss-share transaction on approximately $268 million of Mainstreet Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $95 million.

For additional information and assistance contact the FDIC at: 1-800-405-7869; or go to: http://www.fdic.gov/bank/individual/failed/mainstreet-mn.html

2009 FDIC Insured Failed Banks
 
 
 
 
Mainstreet Bank
1650 South Lake Street
Forest Lake, MN 55025
http://www.localbankers.com
 

Established on 3/15/1903 as
Chisago County State Bank
 

Assets: $ 459 million
Deposits: $ 434 million
 
 
Cost to FDIC: $ 95 million

 

 
 

History: Established on  3/15/1903 as Chisago County State Bank
04/13/1994 - Changed name to The County Bank
11/16/2001 - Changed name to Mainstreet Bank
11/16/2001 - Acquired Southview Bank - South St. Paul, Minnesota
02/29/2008 - Acquired First Bank And Trust - Hudson, Wisconsin

Consumer 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: Unclaimed Bank Account Search


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 Mainstreet Bank and have not received a notice, please contact:

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


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