Question and Answer Guide
CF Bancorp, Port Huron, MI
FDIC Call Center
Toll free number 1-800-895-3212
Hours of Operation – Eastern Time
Friday, April 30, 2010: Until 9:00 p.m.
Saturday, May 01, 2010: 9:00 a.m. – 6:00 p.m.
Sunday, May 02, 2010: Noon – 6:00 p.m.
Thereafter: 8:00 a.m. – 8:00 p.m.
On Friday, April 30, 2010, CF Bancorp, Port Huron, MI was closed by the Michigan Department of Financial and Insurance Regulation. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, First Michigan Bank, Troy, MI acquired substantially all the deposits and assets of CF Bancorp from the FDIC as Receiver for CF Bancorp. Any claims by equity holders were not acquired.
The total balance in your account(s) has been transferred to First Michigan Bank and will be available for transactions during regular business hours at the former CF Bancorp branches.
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 CF Bancorp?
If you had an account with CF Bancorp, you now have an account with First Michigan Bank, Troy, MI. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts, have been transferred to First Michigan Bank, regardless of the dollar amount. No one lost any money on deposit in CF Bancorp.
Customers of both banks should continue to use their existing branches until First Michigan Bank can fully integrate the deposit records of CF Bancorp.
To forewarn you of any scams, please be advised that you will not receive any notification from the FDIC, the Receiver, or First Michigan 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 CF Bancorp, First Michigan Bank or the FDIC.
ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with CF Bancorp?
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 Transfer transaction, the total of all deposit accounts, excluding the Cede & Co. brokered deposits, have been assumed by First Michigan 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, First Michigan Bank will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, First Michigan 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 CF Bancorp 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 First Michigan 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 First Michigan 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 grace 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?
Interest on all deposits accrued through Friday, April 30, 2010, will be paid at your same rate. First Michigan Bank will review rates. If interest rates will change, you will be notified. Your interest rate may be reduced.
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 CF Bancorp?
Most mortgages and loans have been assumed by First Michigan 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 CF Bancorp and send your payments to the same address.
A small number of loans, including all loans held by the subsidiary Citizens First Mortgage LLC, were retained by the FDIC as Receiver. Payments and due dates remain the same. Checks should continue to be made payable to CF BANCORP and sent to the same address. To determine if your loan is now held by First Michigan Bank or the FDIC as Receiver you may contact your previous loan officer.
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:
Outstanding Checks: What about checks that I have written on my account with CF Bancorp?
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 CF Bancorp were owned by its holding company, Citizens First Bancorp, Inc., Port Huron, MI. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Citizens First Bancorp, Inc., please do not contact or file a claim with the Receiver. You may contact Citizens First Bancorp, Inc. directly for information as follows:
Citizens First Bancorp, Inc.
525 Water Street
Port Huron, MI 48060
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 had been for the FDIC to transfer only the insured deposits in a Purchase and Assumption transaction; however, the temporary increase in the deposit insurance limit has assisted in the transfer of all deposits more often in the past year.
Unpaid Bills: I did some work for the bank and have not been paid. What should I do?
All claims against CF Bancorp, together with proof of the claims, must be submitted in writing to the Receiver at the following address:
Federal Deposit Insurance Corporation
Receiver: CF Bancorp
1601 N. Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
SCAMS: Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating that they are acting on behalf of either the failed bank, new bank, or the FDIC. Should you be contacted by anyone requesting personal information from you related to this event, please contact the call center above and you will be directed to the appropriate person.
For more information: www.fdic.gov/bank/individual/failed/cfbancorp.html