On Friday, December 18, 2009, Citizens State Bank, New Baltimore, MI was closed by The Michigan Office of Financial and Insurance Regulation
the Federal Deposit Insurance Corporation (FDIC)
was named Receiver. No advance notice is given to the
public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with
this institution. Besides a checking
account, you may have Certificates of Deposit, a car loan, a business checking
account, a commercial loan, a Social Security direct deposit, and other relationships
with the institution. The FDIC has compiled the following information,
which should answer many of your questions.
The FDIC has issued a press release
the institution's closure. If you represent a media outlet and would
like information about the closure, please contact
LaJuan Williams-Young at
The FDIC has created the Deposit Insurance National Bank of New Baltimore (DINB of New Baltimore), New Baltimore, MI to facilitate the resolution of Citizens State Bank. All insured deposits, CDs, and IRAs, have been transferred to DINB of New Baltimore and will be available immediately.
Checks for insured CDs and insured IRAs will be sent to your mailing address on record with Citizens State Bank. These will be mailed on Monday, December 21, 2009 and you should receive these checks by the end of the week.
Principal and interest on insured accounts, through Friday, December 18,
2009, are fully insured by the FDIC, up to the insurance limit of $250,000. You
will receive full payment for your insured account. Certain entitlements
and different types of accounts can be insured for more than the $250,000
limit. IRA funds are insured separately from other types of accounts,
up to a $250,000 limit.
All interest bearing accounts that exceed the $250,000 insurance limit
and/or all interest bearing accounts that appear to be related and exceed
this limit are reviewed
to determine their ownership and insurance coverage. If you think
you might have uninsured deposits, you should call the FDIC Call Center
arrange for a telephone interview with a Claims Agent at 1-800-350-2746.
The Claim Agent may direct you to download and submit a particular
form that will assist in expediting the processing of your claim.
FDIC Call Center
Hours of Operation
All Hours are Eastern Time
Friday, December 18, 2009:
Until 9:00 p.m.
Saturday, December 19, 2009:
9:00 a.m. – 6:00 p.m.
Sunday, December 20, 2009:
Noon – 6:00 p.m.
8:00 a.m. – 8:00 p.m.*
NOTE: Due to the Christmas Holiday, the call center will not be operational between the hours of 3 p.m., Thursday, December 24, and 8 a.m. Monday, December 28.
If it is determined that you have uninsured funds, the FDIC will generate
and mail to you a Receiver Certificate. This certificate entitles
you to share proportionately in any funds recovered through the disposal
of the assets of Citizens State Bank. This
means that you will eventually recover some of your uninsured funds.
Checks that were drawn on Citizens State Bank will be
honored up to your available balance or the insured amount until close
of business on
February 1, 2010. 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. A
hold may be in place on deposit accounts due to delinquent loans where the
depositor is the borrower or guarantor. Additionally, any account pledged
as collateral for a loan will be held.
The ATM will not be available for a short period of time on Friday for processing. However, it will be operational shortly thereafter and available as usual until January 8, 2010.
services will be in a read-only mode until Monday, December 21, 2009. Any
payments scheduled must clear your account by January 8, 2010.
During the period ending on February 1, 2010, you
are encouraged to make arrangements with DINB of New Baltimore regarding
your safe deposit boxes and any other services to which you previously had
Your checks will be processed as usual through February 1, 2010. All outstanding checks
that clear prior to February 1, 2010 will be paid against your available insured balance(s)
as if no change had occurred. If you have a problem with a merchant
refusing to accept your check, please contact your branch office. An
account representative will clear up any confusion about the validity of
All interest accrued through Friday, December 18, 2009,
will be paid at your same rate. Interest will not continue
to accrue after that date.
deposit(s) will continue until close of business February 1, 2010. Automatic
withdrawal(s) must clear your account by February 1, 2010 or they will be returned.
make arrangements with another financial institution as soon as possible.
If you had a loan with Citizens State Bank, 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
payable as usual and sent to the same address until further notice. If you have
further questions regarding an existing loan, please contact your loan officer.
Claims against failed financial institutions occur when bills sent to the
institution remain unpaid at the time of failure. If you or your company provided a service or product, leased space,
furniture, or equipment to Citizen State Bank after
Friday, December 18, 2009 and have not been paid you do not have a claim against
Citizens State Bank. Please follow your normal billing procedures by providing an invoice as instructed.
If you or your company provided
a service or product, leased space, furniture, or equipment to the Citizens State Bank prior
to Friday, December 18, 2009 and have not been paid you may be
entitled to a claim against the bank. If you provided a product
to or a service for Citizens State Bank prior to the bank's failure for which you have not been
paid and you have not received communication,
Federal Deposit Insurance Corporation Receiver:
Citizens State Bank
1601 Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
Please note: There are time limits for filing a claim, your claim must be filed on or before 3/24/2010.
Citizens State Bank had no publicly owned stock. Equity shareholders were invested in the holding company, Citizens State Bancorp, New Baltimore, MI, and not in the bank. Please do not file a claim with the Receiver, rather, contact the holding company with any questions you may have:
Citizens State Bancorp, Inc.
51066 Washington Street
New Baltimore, MI 48047
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site
outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance
coverage on custodial accounts deposited in a failed FDIC Insured Institution.