All insured deposit accounts have
been transferred to The The State Bank & Trust Company, Defiance, Ohio
("assuming institution") and will be available immediately. Your bank will
re-open during regular business hours at as The State Bank & Trust Company.
Principal and interest on insured
accounts, through February 1, 2002, are fully insured by the FDIC, up to the
insurance limit of $100,000. You will receive full payment for your insured
account. Certain entitlements and different types of accounts may be insured
for more than the $100,000 limit. IRA funds are insured separately from other
types of accounts, up to a $100,000 limit.
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 Oakwood Deposit Bank
Company. This means that you may eventually recover some of your uninsured
funds.
All accounts that exceed the
$100,000 insurance limit, and/or all accounts that appear to be related and
exceed this limit, are reviewed by the FDIC to determine their ownership and
insurance coverage. If it appears that you have potentially uninsured funds,
an FDIC Claims Agent will contact you, by either telephone or mail, regarding
your account(s). Or, you may call 1-877-367-2718 and arrange a personal
meeting with a Claims Agent.
Your transferred deposits will be
separately insured from any accounts you may already have at The State Bank &
Trust Company for six months after the failure of Oakwood Deposit Bank
Company. Checks that were drawn on Oakwood Deposit Bank Company that did not
clear before the institution closed will be honored. You may speak to an FDIC
representative regarding deposit insurance by calling 1-877-367-2718.
You may withdraw your funds from any
transferred account without an early withdrawal penalty until you enter into a
new deposit agreement with The State Bank & Trust Company (provided the
deposits are not pledged as collateral for loans).
For additional information on
deposit insurance visit EDIE the FDIC's Electronic Deposit Insurance
Estimator.
EDIE
- FDIC's Electronic Deposit Insurance Estimator |