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Question and Answer Guide
Mainstreet Bank, Forest Lake, MN

FDIC Call Center
Toll free number 1-800-405-7869
Hours of Operation – Central Time
Friday, August 28, 2009:   Until 9:00 p.m.
Saturday, August 29, 2009:   9:00 a.m. – 6:00 p.m.
Sunday, August 30, 2009:   Noon – 6:00 p.m.
Thereafter:   8:00 a.m. – 8:00 p.m.


On August 28, 2009, Mainstreet Bank, Forest Lake, Minnesota was closed by the Minnesota Department of Commerce. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Central Bank, Stillwater, Minnesota acquired substantially all the deposits and assets of Mainstreet Bank from the FDIC as Receiver. Any claims by equity holders were not acquired.

The total balance in your account(s) has been transferred to Central Bank and will be available for transactions during regular business hours at the former Mainstreet Bank branches starting on Saturday, August 29, 2009.

You may continue to use your same checks, ATM cards and debit cards until notified.

All Direct Deposits, including Social Security checks, will continue as usual.

Account(s): What about my account with Mainstreet Bank?

If you had an account with Mainstreet Bank, you now have an account with Central Bank, Stillwater, Minnesota. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts, have been transferred to Central Bank, regardless of the dollar amount. No one lost any money on deposit in Mainstreet Bank.

Customers of both banks should continue to use their existing branches until Central Bank can fully integrate the deposit records of Mainstreet Bank.

To forewarn you of any scams, please be advised that you will not receive any e-mail notification from the FDIC, the Receiver, or Central Bank to claim/unlock/unsuspend your account or to provide any private information. Please be watchful for and resist any such scams to obtain information from you by individuals or entities purporting to act on behalf of Mainstreet Bank.

ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with Mainstreet Bank?

Your ATM/debit card will continue to work, and bill paying will work as it has in the past.

Brokered Deposits: I am a deposit broker or have brokered deposits. What do I do?

As an All-Deposit – Whole Bank with Loss Share transaction, the total of all deposit accounts, (excluding the Cede & Co. brokered deposits) have been assumed by Central Bank. The FDIC retained the Cede & Co. brokered deposits and will pay those accounts off directly. Be advised, however, that from and after the date of closing, Central Bank will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, Central Bank shall permit depositors, including brokered depositors, impacted by reduced rates to withdraw their deposits without penalty for early withdrawal.

If you are a customer who has a Mainstreet Bank deposit through a broker, you must contact your broker with any questions.

Direct Deposits - Government Deposits: What will happen to my direct deposits?

Direct Deposits, including Social Security checks, will continue as normal.

Existing Deposits at Central Bank: I already have other deposit accounts with the new bank.  When combined with balances at this bank, my deposits exceed $250,000.  Are all funds insured?

The accounts transferred to Central Bank will be separately insured for at least six months after the merger. This grace period gives a depositor the opportunity to restructure the accounts, if necessary.

CDs from the failed bank are separately insured until the earliest maturity date after the end of the six-month grace period.

CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period.

If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.

Interest Rates, Early Withdrawal Penalty: Will I continue to earn interest at the same rate?  Will I be charged an early withdrawal penalty?

All interest accrued through Friday, August 28, 2009, will be paid at your same rate. Central Bank will review rates and notify you if interest rates will change.

You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with your new bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to or a withdrawal from your account.

Loans/mortgages: What about my loan or mortgage with Mainstreet Bank?

All mortgages and loans have been assumed by Central Bank. Your payment amount and due date are the same. If you are having your payment deducted from your account, it will continue as it has in the past. You should continue to make your checks payable to Mainstreet Bank and send your payments to the same address.

Loans in Process: What happens if I had a loan in process that had not closed or a line of credit not fully funded?

You should contact your loan officer.  All prior contacts remain the same.

Media: I represent a TV/Newspaper/Radio and would like some information.

Please contact the Office of Public Affairs:

LaJuan Williams-Young
1-202-898-3876
LWilliams-Young@fdic.gov

Outstanding Checks: What about checks that I have written on my account with Mainstreet Bank?

Your checks will clear up to the available balance in your account. You can continue to use your existing checks.

Safe Deposit Boxes: How can I claim the contents of my safe deposit box?

It is business as usual. You can go to your local branch and access your safe deposit box; however, no action on your part is required because of this transaction.

Shareholders: What about my shares of stock?

All shares of Mainstreet Bank were owned by its holding company, BancMidwest Corporation, St. Paul, Minnesota. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of BancMidwest Corporation, please do not contact or file a claim with the Receiver. You may contact BancMidwest Corporation directly for information as follows:

BancMidwest Corporation
360 Robert Street North, Suite 700
Saint Paul, MN 55101
1-651-222-3081

Transaction Types: Why do all deposits, insured or not, pass in some transactions but not in others?

The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.

Unpaid Bills: I did some work for the bank and have not been paid. What should I do?

All claims against Mainstreet Bank together with proof of the claim must be submitted in writing to the Receiver at the following address:

FDIC as Receiver for Mainstreet Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent




Last Updated 08/21/2012 cservicefdicdal@fdic.gov