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All deposit accounts have been transferred in their entirety to North
Jersey Community Bank, based in Englewood Cliffs, New Jersey. The former
Citizens Community Bank’s sole office will reopen for normal business
hours on Monday, May 4, 2009, as a branch of North Jersey Community Bank.
As an All-Deposit Transfer transaction, the total of all deposit accounts,
whether within FDIC insurance limits or not, have been assumed by North Jersey
Community Bank and will be available for business as usual.
It is possible a depositor’s account was held due to delinquent loans where the depositor is the borrower or guarantor. Additionally, any account pledged as collateral for a loan will continue to be held. A letter will be sent informing you of any holds placed by the FDIC, along with instructions on how to proceed. If you have any questions regarding these holds, please call your loan officer or the FDIC at the number provided in the letter.
You will be able to continue using your personal checks at this time, and your ATM/Debit card will continue to work. The ATM machine will be unavailable for a short period of time on Friday for processing; however, it will be operational shortly after that is accomplished and will be available as usual.
Billpay will be unavailable over the weekend; however, it will be available on Monday morning.
As an All-Deposit Transfer transaction, the total of all deposit
accounts, including brokered deposits, have been assumed by North
Jersey Community Bank. Be advised, however, that from and after the
date of closing, the North Jersey Community Bank will accrue and pay
interest on deposit liabilities at a rate it shall determine; accordingly,
the North Jersey Community Bank shall permit depositors, including
brokered depositors, impacted by reduced rates to withdraw their deposits
without penalty for early withdrawal.
If you are a Depository Trust Company (DTC) participant broker, you must contact DTC with any questions or withdrawal requests. If you are a customer who has a North Jersey Community Bank deposit through a broker, you must contact your broker with any questions.
A copy of this document or the press release (www.fdic.gov/news/news/press/2009/pr09062.html) can be provided as both documents state all deposits have been transferred to North Jersey Community Bank, and it is business as usual. Copies of this press release will be available at the former Citizens Community Bank's sole office. Depositors or merchants can also call the FDIC at 1-800-523-8503 or the former Citizens Community Bank.
Your account(s) has already been transferred to North Jersey Community Bank, and your account(s) will be handled as usual. Any withdrawal, renewal or additional deposits will “claim” your account. Please be advised that if there is no activity in your account in the next 18 months, that money will be turned over to your state as unclaimed property in accordance with state law. Unclaimed property can be located by visiting www.missingmoney.com or contacting your state’s treasurer’s office or office of unclaimed property.
All deposits (both insured and uninsured) of Citizens Community Bank have
been transferred to North Jersey Community Bank, and it will be business
as usual. If you held an account at Citizens Community Bank, you now have
an account at North Jersey Community Bank that is available to you at your
former Citizens Community Bank’s sole office during regular business
hours.
If you had a loan with Citizens Community Bank, please continue
to make your payments to the same address as you have in the past until
you are instructed otherwise. Please make your checks or money orders payable
to FDIC as Receiver for Citizens Community Bank.
The former Citizens Community Bank’s sole office will reopen during normal business hours on Monday, May 4, 2009. You will have continued access to your money through your ATM/debit card and by writing checks.
Customers of both banks should continue to use their existing branches until North Jersey Community Bank can fully integrate the deposit records of Citizens Community Bank.
The transferred deposits will be separately insured for at least six months
after the merger. This grace period gives a depositor the opportunity to
restructure his or her accounts, if necessary.
CDs from the assumed 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.
Direct Deposits will continue as normal, including Social Security checks. If you need to change anything in the future, please contact or visit your former Citizens Community Bank to make those arrangements.
No. 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.
You will receive your account statements at the same time you have received them in the past.
All interest on insured deposits 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.
If you deposited funds through a broker, the interest will
accrue and be paid through Friday, May 1, 2009.
Interest checks and cashier's checks will continue to clear.
Online banking will remain available except for any types of draws/transfers from loans/LOCs.
Yes, all deposits, including IRAs have been transferred in their
entirety to North Jersey Community Bank. IRA funds are insured separately
from other types of accounts up to $250,000.
If you close your IRA before maturity, you have 60 days to roll this over into
another retirement vehicle. You should consult IRS Publication 590 and/or your
tax advisor concerning the possible tax consequences of such distribution. IRS
Publication 590 may be obtained by contacting your local IRS office or via the
Internet at www.irs.gov.
No. All accounts have been transferred in their entirety to North Jersey Community Bank and will be available starting on Monday, May 4, 2009.
Checks drawn on Citizens Community Bank that did not clear before Friday, May 1, 2009, will be honored up to your available balance.
Please contact a representative of your new bank at your former Citizens Community Bank to obtain a copy of any records.
North Jersey Community Bank will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
All deposits have been transferred in their entirety to North Jersey Community Bank; therefore, you have received your deposits in full.
Please contact your former Citizens Community Bank to obtain information regarding your wire request.
You should experience no disruption in this service. We encourage you to check your bank account the day after your scheduled draft to verify the transaction. If the transaction did not occur, please notify your loan officer to research your loan.
Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer.
Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer.
All services previously performed related to your loan will
continue. Should you receive notification that any portion of your taxes
or insurance were not paid, please notify your loan officer immediately.
No. The current fee structure will remain the same.
At this point, all foreclosure actions have been suspended in order to properly evaluate the loans and the borrower’s ability to repay. It is our intention to sell all loans, and it will be up to the new owner to determine the best method of collection on the loan. There may be instances where FDIC will continue with the foreclosure process, but this will be done on a case-by-case basis.
Your loan is currently owned by the FDIC and is being serviced by all of the same personnel with whom you have worked in the past. All prior contacts remain the same.
Your loan may be sold at a future undetermined date. If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer will be, you have the right to independently refinance your loan with another lender.
All lines of credit, including Home Equity Lines of Credit (HELOCs), have been suspended at this time and have been retained by the FDIC. You may contact North Jersey Community Bank to discuss establishing a borrowing relationship.
Please contact your loan officer directly.
This will be determined on a case-by-case basis. Please contact your loan officer.
Yes. These lines have been transferred to North Jersey Community Bank. Please contact your new bank if you have additional questions regarding your accounts.
You should continue to make your payments as agreed. Make checks payable to FDIC as Receiver for Citizens Community Bank and utilize the same payment address information. You may continue to make your payments at the branch or by phone via check or credit card.
Any pre-payment penalty will be waived as long as FDIC as Receiver for Citizens Community Bank has control of the asset, and the borrower obtains refinancing of the outstanding balance on the account with another financial institution.
The FDIC as Receiver for Citizens Community Bank will not be originating
any new loans.
If your loan has been approved by the SBA, but is not yet funded, please
contact your loan officer. He will direct you to the proper SBA contact
to help you locate another approved lender.
If your loan is in process, but is not yet approved by the SBA, we will
release your SBA package on file with us to you, and you will need to apply
with another SBA-approved lender. Please contact your loan officer to make
arrangements to retrieve your application from the bank.
Each loan is currently being reviewed independently to determine the best action for that individual loan. Your loan may be sold at a future undetermined date. If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer may be, you have the right to independently refinance your loan with another lender.
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 is only able to transfer all deposits if the uninsured amounts are covered by the premium. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.
You may access our website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE):
Deposit Insurance | (www.fdic.gov/deposit/index.html) |
Are my deposits insured? | (www.fdic.gov/deposit/deposits/index.html) |
EDIE | (www.myfdicinsurance.gov) |
You may also order any FDIC publication:
FDIC Public Information Center 3501 North Fairfax Drive Room E-1002 Arlington, VA 22226 703-562-2200 Phone 703-562-2296 Fax publicinfo@fdic.gov |
Please contact the Office of Public Affairs:
David Barr 202-898-6992 dbarr@fdic.gov |
Yes. Your deposit at North Jersey Community Bank is insured by the FDIC, and each depositor is insured to at least $250,000, as established by law.
It is business as usual. You may go to your former Citizens Community Bank’s sole office and access your safe deposit box or make appointments by calling your former Citizens Community Bank.
Shareholders have a claim against the receivership; however, they have the lowest priority of claim. You should discuss this with an accountant and/or the IRS concerning the exact requirements necessary to recognize the investment as a loss for tax purposes.
Please send your bills to the following address:
FDIC as Receiver for Citizens Community Bank 1601 Bryan Street Dallas, TX 75201 |
Citizens Community Bank, Ridgewood, New Jersey was closed Friday, May 1,
2009, by the New Jersey Department of Banking and Insurance. Subsequently,
the Federal Deposit Insurance Corporation (FDIC) was appointed Receiver.
Share price does not trigger a bank closing and was not the reason for this
failure. According to regulatory policy, there is no advance notice given
to the public. Please see the New Jersey Department of Banking and Insurance
press release for more information.
The good news is that no one lost any deposits as a result
of the closure of Citizens Community Bank. To protect depositors, the FDIC
Board of Directors approved the assumption of ALL of Citizens Community
Bank’s deposits by North Jersey Community Bank, headquartered in
Englewood Cliffs, New Jersey.
You may access information about doing business with the FDIC at
Procurement
Opportunities (www.fdic.gov/buying/goods/opportunities/index.html)
You must also register in the Central Contractor Registration database at
www.ccr.gov.
Entry into the database is not a guarantee that a contractor will receive a future solicitation.
You may also call 1-866-308-4470 for more information or send an email to
ProcurementOpportunities@fdic.gov.
Please include a statement of your corporate capabilities, contact information and Minority
or Women-Owned Business (MWOB) status, if any.
To review positions currently available at the FDIC, visit
Careers at FDIC (www.fdic.gov/about/jobs/index.html).
Last Updated 05/01/2009 | Customer Service |
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