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Failed Bank Information
Information
for Citizens Community Bank, Ridgewood, New Jersey
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- Introduction
- Press Release
- Acquiring Financial Institution
- Question and Answer Guide
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement (3.5 mb
PDF File - PDF Help)
- Citizens Community Bank Contact Information
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| I. Introduction |
| On Friday, May 1, 2009, Citizens Community Bank, Ridgewood, New Jersey was
closed by the New Jersey Department of Banking and Insurance and
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. |
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| II. Press
Release |
The FDIC has issued a press release
(PR-062-2009) about
the institution's closure. If you represent a media outlet and would
like information about the closure, please contact
David Barr at 202-898-6992.
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| III. Acquiring
Financial Institution |
| All deposit accounts have been transferred to
North Jersey Community Bank, Englewood Cliffs and will be available immediately. On Monday, May 4, 2009,
the former Citizens Community Bank's sole office will reopen as a branch of
North Jersey Community Bank.
Your transferred deposits will be separately insured from any accounts
you may already have at North Jersey Community Bank for six
months after the failure of Citizens Community Bank. Checks
that were drawn on Citizens Community Bank that did not
clear before the institution closed will be honored as long as there are
sufficient funds in the account. You may speak to an FDIC
representative regarding deposit insurance by calling: 1-800-523-8503 or visit EDIE the FDIC's Electronic Deposit
Insurance Estimator.
EDIE
- FDIC's Electronic Deposit Insurance Estimator
You may withdraw your funds from any transferred
account without an early withdrawal penalty until you enter into a new deposit
agreement with North Jersey Community Bank as long as
the deposits are not pledged as collateral for loans. You may view more
information about North Jersey Community Bank by visiting their web site.
North Jersey Community Bank (www.njcb.com) |
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V. Banking Services |
| The Automated Teller Machines (ATM) and online service, except for any types of draws/transfers from loans/LOCs, will remain available.
As of Monday, May 4, 2009,
you may continue to use the services to which you previously had access,
such
as,
safe deposit boxes, night deposit boxes, wire services,
etc.
Your checks will be processed as usual. All outstanding checks
will be paid against your available balance(s) as if no change
had occurred. Your new bank will
contact you soon regarding any changes in the terms of your account. 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 your checks.
All interest accrued through Friday, May 1, 2009, will
be paid at your same rate. North Jersey Community Bank will
be reviewing rates and will provide further information soon. You
will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be
transferred automatically to your new bank. If
you have any questions or special requests, you may contact a representative
of your assuming institution at your
branch office. |
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| VI. Loan
Customers |
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If you had a loan with Citizens Community 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.
For all questions regarding new loans and the lending policies of
North Jersey Community Bank, please contact your branch office.
Please see A Borrower's Guide to an FDIC Insured Bank Failure for additional information. |
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| VII. Possible
Claims Against the Failed Institution |
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If you or your company provided a service or product, leased space, furniture, or equipment to
Citizens Community Bank after Friday May 1, 2009 and have not been paid you do not have a claim against
Citizens Community Bank. Please follow your normal billing procedures by providing an invoice as instructed.
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 Citizens
Community Bank
prior to Friday May 1, 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 Community Bank prior to the bank's failure for which you have not been
paid and you have not received communication,
contact:
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Federal Deposit Insurance Corporation
Receiver:
Citizens Community Bank
1601 Bryan Street
Dallas, TX 75201
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Please note: There are time limits for filing a claim,
your claim must be filed on or before 08/05/2009. |
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| VIII. Priority of Claims |
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
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IX. Dividend Information |
| No dividends have been declared at this time. Dividend Information on Failed Financial Institutions |
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X. Brokered Deposits |
| 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.
Deposit Broker Processing Guide |
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| General Disclaimer |
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