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Home > Industry Analysis > Failed Banks > Failed Bank Information | ![]() |
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If you had an account with Heritage Community Bank, you now have an account with MB Financial Bank, N.A. All deposit accounts, which include Checking, Savings, Money Market, CDs and Retirement accounts have been transferred to MB Financial Bank, N.A., Chicago, IL, regardless of the dollar amount. No one lost any money on deposit in Heritage Community Bank.
Please note you will not be able to use MB Financial Bank, N.A. branches until notified. Likewise, existing customers of MB Financial Bank, N.A. will not be able to use Heritage Community Bank branches until notified.
Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any scams to obtain information from you.
Your ATM/debit card will continue to work, and bill paying will work as it has in the past.
Direct Deposits will continue as normal, including Social Security checks.
The accounts transferred to MB Financial Bank, N.A. 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 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.
MB Financial Bank, N.A. will be reviewing rates and will notify you.
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. Depositors will receive a letter providing additional details.
All mortgages and loans have been assumed by MB Financial Bank, N.A. 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 Heritage Community Bank and send your payments to the same address.
You should contact your loan officer.
Please contact the Office of Public Affairs:
Andrew Gray 202-898-7192 angray@fdic.gov |
Your checks will clear up to the available balance in your account. You can continue to use your existing checks.
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.
There was no publicly owned stock in Heritage Community Bank. If you are an equity shareholder, your shares are in Heritage Community Bancorporation, Glenwood, IL, the holding company for Heritage Community Bank, and not the institution. Heritage Community Bancorporation and the interests of equity, debt holders or other creditors of Heritage Community Bancorporation are not included in the closure or receivership of the institution. Please do not file a claim with the Receiver, rather contact Heritage Community Bancorporation directly for information:
Heritage Community Bancorporation 18301 Halsted Street Glenwood, IL 60425 |
On Friday, February 27, 2009, Heritage Community Bank was closed by the Illinois Department of Financial and Professional Regulation, Division of Banking. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, MB Financial Bank, N.A. acquired most of the assets and most of the liabilities of Heritage Community Bank from the FDIC as Receiver for Heritage Community Bank. Any claims by equity holders were not acquired.
All claims against Heritage Community Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address:
FDIC as Receiver of Heritage Community Bank 1601 Bryan Street Dallas, TX 75201 Attention: Claim Agent |
The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.
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Last Updated 02/27/2009 | Customer Service |
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