Friday, April 24, 2009:
Michigan Heritage Bank, Farmington Hills, MI
was closed by the State of Michiganís Office of Financial and Insurance
Regulation. The Federal Deposit Insurance Corporation (FDIC) was named
As of December 31, 2008, Michigan Heritage had total assets of approximately $184.6 million and total deposits of $151.7 million.
The FDIC entered into a purchase and assumption agreement with Level One Bank, Farmington Hills, Michigan, to assume all of the deposits, excluding those from brokers.
All deposit accounts, excluding certain brokered deposits, have been transferred to Level One Bank, Farmington Hills, MI and are available immediately. On Monday, April 27, 2009, the three former Michigan Heritage Bank locations reopened as branches of Level One Bank.
Level One will not assume $50 million in brokered deposits held by Michigan Heritage. The FDIC will pay the brokers directly for the amount of their funds. Customers who placed money with brokers should contact them directly for more information about the status of their deposits.
Transferred deposits will be separately insured from any accounts you may already have at Level One Bank for six months after the failure of Michigan Heritage Bank. All interest accrued through Friday, April 24, 2009, will be paid at your same rate; however Level One Bank will be reviewing rates.
Level One Bank
Level One paid a premium of 1.16 percent to acquire the deposits of Michigan Heritage. In addition to acquiring $101.7 million of the failed bank's deposits, Level One agreed to purchase approximately $46.1 million in assets.The FDIC will retain any remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $71.3 million.
For additional information and assistance contact the FDIC at: 866-954-9526; or go to: http://www.fdic.gov/bank/individual/failed/michiganheritage.html
|2009 FDIC Insured Failed Banks|
28300 Orchard Lake Road
Farmington Hills, MI 48334
|Assets: $185 million|
|Deposits: $152 million|
|Cost to FDIC: $71.3 million|
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
Michigan Heritage Bank
and have not received a notice, please contact:
Federal Deposit Insurance Corporation
The Michigan Heritage Bank had no publicly owned stock. Equity shareholders were invested in the holding company, Michigan Heritage Bancorp Inc. Contact: Michigan Heritage Bancorp, Inc., 28300 Orchard Lake, Suite 200, Farmington Hills, Michigan 48334
Unclaimed FDIC Insured Deposits
Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...
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 on on 3/10/1997 as Michigan Heritage Bank|
|© 2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES|