1. Introduction
2. Press Release
3. Acquiring Financial Institution and Your Insured Deposits
4. Question and Answer Sheet
5. Banking Services
6. Loan Customers
7. Possible Claims Against the Failed Institution
8. Priority of Claims
9. Dividend Information
10. Brokered Deposits
11. Miami Valley Bank Contact Information 
12. Balance Sheet Summary

On October 4, 2007, Miami Valley Bank, Lakeview, Ohio was closed by the Ohio Department of Commerce, Division of Financial Institutions 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 help answer many of your questions.

The FDIC has issued a press release (PR-83-2007) 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.

All insured deposit accounts have been transferred to The Citizens Banking Company, Sandusky, OH ("assuming institution") and will be available immediately.  Your bank will re-open during regular business hours at the former Miami Valley Bank main office and branch.

You may view more information about The Citizens Banking Company by visiting their web site at The Citizens Banking Company (CITIZENSBANK)

Principal and interest on insured accounts, through October 4, 2007, 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 $250,000 limit.

If it is determined that you have uninsured funds, the FDIC will mail you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the assets of Miami Valley Bank. 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 Claim Agent will contact you, by either telephone or mail, regarding your account(s). Or, you may call 1-800-451-1093 between 9:00 am and 10:00 pm EST to arrange for a telephone interview with a Claim Agent.  The Claim Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.

List of Affidavits, Declarations, and Forms available for download

Your transferred deposits will be separately insured from any accounts you may already have at The Citizens Banking Company for six months after the failure of Miami Valley Bank. Checks that were drawn on Miami Valley Bank that did not clear before the institution closed will be honored up to the insurance limit.  You may speak to an FDIC representative regarding deposit insurance by calling:1-800-451-1093

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with The Citizens Banking Company by either making a deposit to or a withdrawal from your account, provided the deposits are not pledged as collateral for loans.

For all questions regarding new loans and the lending policies of The Citizens Banking Company,  please visit their web site:

The Citizens Banking Company (CITIZENSBANK)

For additional information on deposit insurance visit EDIE the FDIC's Electronic Deposit Insurance Estimator.

EDIE - FDIC's Electronic Deposit Insurance Estimator

You may continue to use the services to which you previously had access, such as automatic teller machines (ATMs), 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 insured balance(s) as if no change had occurred. The Citizens Banking Company 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 The Citizens Banking Company, Customer Service Department, at 1-888-645-4121. An account representative will clear up any confusion about the validity of your checks.

After October 4, 2007, your account will earn interest at a rate determined by The Citizens Banking Company. You will be notified by letter regarding this matter.

Your automatic direct deposit(s) and/or automatic withdrawal(s) should be transferred automatically to your assuming institution. You should contact your assuming institution, however, to discuss your account(s) and to insure that service is not delayed or discontinued.

All your deposit account histories and records will be transferred to your assuming institution. If your assuming institution requires any additional signatures or forms, it will notify you. If you have any questions or special requests, you may contact a representative of your assuming institution at 1-888-645-4121.

If you had a loan with Miami Valley 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 to your former bank and sent to the same address until further notice.

Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process.

Please note: there are time limits for filing a claim, as specified in the notice.

If you provided a service for Miami Valley Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Miami Valley Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201

Or:
Call toll free 1-800-568-9161

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

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