Each depositor insured to at least $250,000 per insured bank



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Failed Bank Information
Question and Answer Sheet for Miami Valley Bank, Lakeview, OH
 

The following questions and answers represent the most commonly asked questions by customers of the failed bank.

  1. Over $100,000  What if I had more than $100,000 in my accounts at Miami Valley Bank?
  2. Lose Any Money?  Will I lose anything on my deposit account?
  3. Uninsured:  Will I collect my uninsured deposits?
  4. What happened?  What happened, why did the bank fail?
  5. Why? Why was this action taken?
  6. Customer Impact  How does the failure affect me?
  7. Claim Account(s):  How do I claim my account(s)?
  8. ATM/Debit Card  Can I continue to write checks or use my ATM/Debit card?
  9. Final Statement:  How will I get my final account statement(s) from Miami Valley Bank?
  10. Interest:  Will I be paid interest on my account?
  11. IRAs:  What if I have an Individual Retirement Account (IRA)? Will my savings still be insured?
  12. Wire Transfer:  Can funds be wired to me?
  13. Interest Check/Cashier's Checks:  My interest check or cashier's check bounced; what do I do? (OR) Can I cash my interest check or cashier's check?
  14. Records:  What if I need information regarding my account during the time Miami Valley Bank was in business?
  15. Direct Deposits - Government Deposits:  What will happen to my direct deposit?
  16. Outstanding Checks:  What will happen to the checks which have not cleared my account?
  17. Loans:  How do I make my loan payments?
  18. FDIC Insurance  Where can I find out more information about Federal Deposit Insurance rules?
  19. Safe Deposit Boxes:  How can I claim the contents of my safe deposit box?
  20. Unpaid Bill  I did some work for Miami Valley Bank and have not yet been paid. What should I do?
  21. Brokered Deposits/Deposit Broker  I am a deposit broker or I have brokered deposits. What do I need to do?
  22. Tax Reporting - 1098/1099s  Who will send my 1098 and/or 1099 information after the end of the year?
  23. Media  I represent a TV/Newspaper/Radio and would like some information.
 
1.  What if I have more than $100,000 in my accounts at Miami Valley Bank?
If you have more than $100,000 in your account (or $250,000 in your IRA), or if the total of your related accounts exceeds $100,000, your accounts may require review by an FDIC Claim Agent. All accounts that appear to be related are reviewed to determine ownership and insurance coverage. Certain entitlements and different types of accounts can be insured in excess of the $100,000.  If there are potentially uninsured funds, an FDIC Claim Agent will be contacting you soon, either by phone or mail, regarding your account(s).  If you think you might have uninsured deposits, you should call 1-800-451-1093 to arrange for a telephone interview with a Claim Agent.
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2.  Will I lose anything on my deposit account?
Principal and interest on insured accounts, through October 4, 2007, are fully protected by the FDIC, to at least $100,000.  Certain entitlements and different types of accounts can be insured in excess of the $100,000.

If you have more than $100,000 in your account (or $250,000 in your IRA), or if the total of your related accounts exceeds $100,000, your accounts may require review by an FDIC Claim Agent. All accounts that appear to be related are reviewed to determine ownership and insurance coverage. Certain entitlements and different types of accounts can be insured in excess of the $100,000.  If there are potentially uninsured funds, an FDIC Claim Agent will be contacting you soon, either by phone or mail, regarding your account(s).  If you think you might have uninsured deposits, you should call 1-800-451-1093 to arrange for a telephone interview with a Claim Agent.

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3.  Will I collect my uninsured deposits?

If it is determined that you have some uninsured funds, the FDIC will mail you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the assets of Miami Valley Bank.  You may eventually recover some of your uninsured funds.  Of course, you will receive full payments for your insured amount.

For an explanation of the dividend process go to FDIC Dividends from Failed Banks

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4..  What happened, why did the bank fail?

As of Thursday, October 4, 2007, Miami Valley Bank, Lakeview, Ohio was closed by the Ohio Department of Commerce, Division of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) was appointed Receiver. According to regulatory policy, there is no advance notice given to the public.  The good news is that no one lost any insured deposit money as a result of the closure of Miami Valley Bank.

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5.  Why was this action taken?

Miami Valley Bank, Lakeview, OH was found to be in an unsafe condition.  Please see the Ohio Department of Commerce, Division of Financial Institutions press release for more information. The Ohio Department of Commerce, Division of Financial Institutions assumed possession of the bank and simultaneously appointed the FDIC as Receiver.

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6.  How does this action affect me?

All insured deposits have been transferred to The Citizens Banking Company which is headquartered in Sandusky, OH.  If you held an account at Miami Valley Bank, you now have an account at The Citizens Banking Company. You will be notified of any changes to your account, including any new signature cards or forms, by The Citizens Banking Company.

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7.  How do I claim my account(s)?
No action is required on your part if the balance in your account(s) is less than $100,000.  Your account(s) up to the insured limit has already been transferred to The Citizens Banking Company, and your account will be handled as usual.  
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8.  Can I continue to write checks or use my ATM/Debit card?

You will be able to continue using your personal checks at this time and your ATM/Debit card will continue to work. You will receive a mailed notice from The Citizens Banking Company in the next week regarding your transferred accounts and any changes. You may receive new checks and new account numbers in the future.

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9.  How will I get my final account statement(s)from Miami Valley Bank?

A final statement will be mailed to you.

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10.   Will I continue to earn interest at the same rate?
All interest accrued through October 4, 2007 will be paid at your same rate.  The Citizens Banking Company will be reviewing rates and will provide further information soon.
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11.   What if I have an Individual Retirement Account (IRA)? Will my savings still be insured?
Yes. IRA funds are insured separately from other types of accounts up to $250,000.
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12.   Can funds be wired to me?
Please contact The Citizens Banking Company to obtain information regarding your wire request.
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13.   Can I cash my interest check or cashier's check?
Interest checks and cashier's checks will continue to clear up to the insurance limit. Outstanding cashier's checks and interest checks are eligible for deposit insurance coverage and will be added back to any other of your account balances with the same ownership capacities to determine your insurance coverage. If a portion of an interest check or cashier's check exceeds the insurance limits, a stop payment order may have been issued on that check. If you believe that a check in your possession exceeds the deposit insurance limits, you can call 1-800-451-1093 to schedule an appointment to speak to an FDIC Claim Agent.
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14.   What if I need information regarding my account during the time Miami Valley Bank was in business?
All deposit account histories and records are in the process of being passed to The Citizens Banking Company.  Please contact a representative of The Citizens Banking Company Customer Service at 1-888-645-4121 to obtain a copy of any records you may need.
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15.   What will happen to my direct deposits?
Yes, those will continue. If you need to change anything in the future, the The Citizens Banking Company will notify you.
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16.   What will happen to the checks which have not cleared my account?
Checks that were drawn on Miami Valley Bank that did not clear before the institution closed will be honored up to your available balance or the insured limit.
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17.   How do I make my loan payments?
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 in your promissory note with the failed institution. Checks should be made to your former bank and sent to the same address until further notice. You will be notified by mail of any changes.
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18.   Where can I find out more about Federal Deposit Insurance rules?
You may access our website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE):

 www.fdic.gov
Deposit Insurance
Are my deposits insured?
EDIE

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19.   How can I claim the contents of my safe deposit box?
Appointments can be made by calling 1-800-451-1093.
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20.   I did some work for Miami Valley Bank and have not yet been paid. What should I do?
Please mail a statement to:

FDIC as Receiver for Miami Valley Bank
1601 Bryan Street
Dallas, TX 75201
Attn: Claims Department

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21.   I am a deposit broker. What do I need to do?
The FDIC offers an online reference guide to deposit brokers acting as agents for their investor clientele. This site outlines the FDICís policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts in a failed FDIC-insured institution.

Deposit Broker Processing Guide

If you are a customer who has a Miami Valley Bank deposit through a broker, you must contact your broker.

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22.   Who will send my 1098 and/or 1099 information after the end of the year?
The Citizens Banking Company will be responsible for mailing your tax information.
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23.   I represent a TV/Newspaper/Radio and would like some information.
Please speak with:

David Barr of the Office of Public Affairs at (202) 898-6992.

or

Gregory Muse, on-site FDIC Ombudsman Representative.

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Last Updated 08/16/2012 Customer Service