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.
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.
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. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative
regarding deposit insurance by calling 1-800-451-1093.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
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. You may view more information about The Citizens Banking Comapny by visiting their web site.
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.
Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership.
SUMMARY: The FDIC has determined that
insufficient assets exist in the
receivership of Miami Valley Bank,
Lakeview, Ohio, to make any
distribution to general unsecured
claims, and therefore such claims will
recover nothing and have no value.
DATES: The FDIC made its determination
on March 28, 2011.
FOR FURTHER INFORMATION CONTACT: If
you have questions regarding this
notice, you may contact an FDIC Claims
Agent at (972) 761–8677. Written
correspondence may also be mailed to
FDIC as Receiver of Miami Valley Bank,
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent
SUPPLEMENTARY INFORMATION:
On October 4, 2007, Miami Valley
Bank, Lakeview, Ohio, (FIN #10002)
was closed by the Department of
Financial Institutions for the State of
Ohio, and the Federal Deposit Insurance
Corporation (''FDIC'') was appointed as
its receiver (''Receiver''). In complying
with its statutory duty to resolve the
institution in the method that is least
costly to the deposit insurance fund, see
12 U.S.C. 1823(c)(4)), the FDIC
facilitated a transaction with The
Citizens Banking Company, Sandusky,
Ohio, to assume the insured deposits of
the failed institution, while retaining
the remaining assets of the bank for later
disposition.
Section 11(d)(11)(A) of the Federal
Deposit Insurance Act, 12 U.S.C.
1821(d)(11)(A), sets forth the order of
priority for distribution of amounts
realized from the liquidation or other
resolution of an insured depository
institution to pay claims. Under the
statutory order of priority,
administrative expenses and deposit
liabilities must be paid in full before
any distribution may be made to general
unsecured creditors or any lower
priority claims.
As of December 31, 2010, the value of
assets available for distribution by the
Receiver, together with all expected
recovery sources, was $14,671,702. As
of the same date, administrative
expenses and depositor liabilities
equaled $41,374,312, exceeding
available assets by at least $26,702,610.
Accordingly, the FDIC has determined
that insufficient assets exist to make any
distribution on general unsecured
creditor claims (and any lower priority
claims) and therefore all such claims,
asserted or unasserted, will recover
nothing and have no value.
Federal Register /Vol. 76, No. 64 /Monday, April 4, 2011 /Notices Pg. 18551
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.
