The following questions and answers represent the most commonly asked questions by
customers of the failed bank.
- Over $100,000
What if I had more than $100,000 in my accounts at Miami
Valley Bank?
- Lose Any Money?
Will I lose anything on my deposit account?
- Uninsured:
Will I collect my uninsured deposits?
- What happened? What
happened, why did the bank fail?
- Why? Why was this action taken?
- Customer Impact
How does the failure affect me?
- Claim Account(s): How
do I claim my account(s)?
- ATM/Debit Card
Can I continue to write checks or use my ATM/Debit card?
- Final Statement:
How will I get my final account statement(s) from Miami Valley Bank?
- Interest:
Will I be paid interest on my account?
- IRAs:
What if I have an Individual Retirement Account (IRA)? Will my savings still be insured?
- Wire Transfer:
Can funds be wired to me?
- Interest Check/Cashier's Checks:
My interest check or cashier's check bounced; what do I do? (OR) Can I cash my interest check or
cashier's check?
- Records:
What if I need information regarding my account during the time
Miami Valley Bank was in business?
- Direct Deposits - Government Deposits:
What will happen to my direct deposit?
- Outstanding Checks:
What will happen to the checks which have not cleared my account?
- Loans:
How do I make my loan payments?
- FDIC Insurance
Where can I find out more information about Federal Deposit Insurance rules?
- Safe Deposit Boxes:
How can I claim the contents of my safe deposit box?
- Unpaid Bill
I did some work for Miami Valley Bank and have not yet been paid. What should I do?
- Brokered Deposits/Deposit Broker
I am a deposit broker or I have brokered deposits. What do I need to do?
- Tax Reporting - 1098/1099s
Who will send my 1098 and/or 1099 information after the end of the year?
- Media
I represent a TV/Newspaper/Radio and would like some information.
|
| 1. What if I have more than $100,000 in my accounts at
Miami Valley Bank?
|
| If you have more than $100,000 in your account (or $250,000
in your IRA), or if the
total of your related accounts exceeds $100,000, your accounts may require
review by an FDIC Claim Agent. All accounts that appear to be related are
reviewed to determine ownership and insurance coverage. Certain entitlements
and different types of accounts can be insured in excess of the $100,000.
If there are potentially uninsured funds, an FDIC Claim Agent will be
contacting you soon, either by phone or mail, regarding your account(s).
If you think you might have uninsured deposits, you should call 1-800-451-1093 to
arrange for a telephone
interview
with a Claim Agent. |
| Back to top |
| 2. Will I lose anything on my deposit account? |
| Principal and interest on insured accounts, through October
4, 2007, are fully protected by the FDIC, to at least $100,000.
Certain entitlements and different types of accounts can be insured in excess
of the $100,000. If you have more than $100,000 in your account (or $250,000
in your IRA), or if the
total of your related accounts exceeds $100,000, your accounts may require
review by an FDIC Claim Agent. All accounts that appear to be related are
reviewed to determine ownership and insurance coverage. Certain entitlements
and different types of accounts can be insured in excess of the $100,000.
If there are potentially uninsured funds, an FDIC Claim Agent will be
contacting you soon, either by phone or mail, regarding your account(s).
If you think you might have uninsured deposits, you should call 1-800-451-1093 to
arrange for a telephone
interview
with a Claim Agent. |
| Back to top |
| 3. Will I collect my
uninsured deposits? |
If it is determined that you have some 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. You may eventually recover some of your uninsured funds. Of course, you will
receive full payments for your insured amount.
For an explanation of the dividend
process go to FDIC Dividends from Failed Banks
|
| Back to top |
|
4.. What happened, why did the bank fail? |
As of Thursday, 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 appointed Receiver. According to regulatory policy,
there is no advance notice given to the public. The good news is that no
one lost any insured deposit money as a result of the closure of Miami Valley
Bank.
|
| Back to top |
|
5. Why was this action taken? |
Miami Valley Bank, Lakeview, OH was found to be in an
unsafe condition. Please see the Ohio Department of Commerce, Division of Financial
Institutions press release for more information. The Ohio Department of Commerce, Division of Financial
Institutions assumed possession of the bank and simultaneously appointed the FDIC as Receiver.
|
| Back to top |
|
6. How does this action affect me?
|
All insured deposits have been transferred to The
Citizens Banking Company which is headquartered in Sandusky, OH. If you held an account
at Miami Valley Bank, you now have an account at The Citizens Banking Company. You will be notified
of any changes to your account, including any new signature cards or forms, by
The Citizens Banking Company.
|
| Back to top |
|
7. How do I claim my account(s)? |
|
No action is required on your part if the balance in
your account(s) is less than $100,000. Your account(s) up to the insured limit has already been transferred to
The Citizens Banking Company, and your account will be handled as usual.
|
| Back to top |
|
8. Can I continue to
write checks or use my ATM/Debit card? |
You will be able to continue using your personal checks at this time
and your ATM/Debit card will continue to work. You will receive a mailed notice from
The Citizens Banking Company in the next week regarding your transferred accounts and any changes. You may receive new checks and new account numbers in the future.
|
| Back to top |
|
9. How will I get my final account statement(s)from Miami Valley Bank? |
A final statement will be mailed to you.
|
| Back to top |
| 10.
Will I continue to earn interest at the same rate? |
| All interest accrued through October 4, 2007 will be paid at
your same rate. The Citizens Banking Company will be reviewing rates and will provide
further information soon.
|
| Back to top |
| 11.
What if I have an Individual Retirement Account (IRA)? Will my savings still be insured? |
| Yes. IRA funds are insured separately from other types of accounts up to $250,000. |
| Back to top |
| 12.
Can funds be wired to me? |
| Please contact The Citizens Banking Company to obtain information regarding your wire request. |
| Back to top |
| 13.
Can I cash my interest check or cashier's check? |
| Interest checks and cashier's checks will continue to clear
up to the insurance limit. Outstanding cashier's checks and interest checks
are eligible for deposit insurance coverage and will be added back
to any other of your account balances with the same ownership capacities to determine your insurance
coverage. If a portion of an interest check or cashier's check exceeds the
insurance limits, a stop payment order may have been issued on that check. If
you believe that a check in your possession exceeds the deposit insurance
limits, you can call 1-800-451-1093 to schedule an appointment to speak to an
FDIC Claim Agent. |
| Back to top |
| 14.
What if I need information regarding my account during the time Miami Valley
Bank was in business?
|
| All deposit account histories and records are in the process of being passed to
The Citizens Banking Company. Please contact a representative of The
Citizens Banking Company Customer Service at
1-888-645-4121 to obtain a copy of any records you may need. |
| Back to top |
| 15.
What will happen to my direct deposits? |
| Yes, those will continue. If you need to change anything in the future, the
The Citizens Banking Company will notify you.
|
| Back to top |
16.
What will happen to the checks which have not cleared my account? |
| Checks that were drawn on Miami Valley Bank that did not clear before the institution closed will be honored up to your available balance
or the insured limit.
|
| Back to top |
| 17.
How do I make my loan payments? |
| 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. You will be notified by mail
of any changes. |
| Back to top |
| 18.
Where can I find out more about Federal Deposit Insurance rules? |
| You may access our website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator
(EDIE): www.fdic.gov
Deposit Insurance
Are my deposits insured?
EDIE |
| Back to top |
| 19.
How can I claim the contents of my safe deposit box? |
| Appointments can be made by calling 1-800-451-1093.
|
| Back to top |
| 20.
I did some work for Miami Valley Bank and have not yet been paid. What should I do? |
| Please mail a statement to: FDIC as Receiver for Miami
Valley Bank
1601 Bryan Street
Dallas, TX 75201
Attn: Claims Department |
| Back to top |
| 21.
I am a deposit broker. What do I need to do? |
| The FDIC offers an online 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 in a failed FDIC-insured institution. Deposit
Broker Processing Guide
If you are a customer who has a Miami Valley Bank deposit through a broker, you must contact your broker.
|
| Back to top |
| 22.
Who will send my 1098 and/or 1099 information after the end of the year? |
|
The Citizens Banking Company will be responsible for mailing your tax information. |
| Back to top |
| 23.
I represent a TV/Newspaper/Radio and would like some information. |
| Please speak with: David Barr of the Office of Public
Affairs at (202) 898-6992.
or
Gregory Muse, on-site FDIC Ombudsman Representative. |
| Back to top |
