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Failed Bank Information
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- Introduction
- Press Release
- Acquiring Financial Institution
- Question and Answer Guide
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement (713 KB PDF File - PDF Help)
- Bid Summary (7.8 KB PDF File - PDF Help)
- CF Bancorp Contact Information
-
Balance Sheet Summary
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 Phishing Scams to obtain information from you.
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On Friday, April 30, 2010, CF Bancorp, Port Huron, MI was
closed by the Michigan Department of Financial and Insurance Regulation, 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 answer many of your questions. |
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The FDIC has issued a press release
(PR-098-2010) about
the institution's closure. If you represent a media outlet and would
like information about the closure, please contact LaJuan Williams-Young at 1-202-898-3876.
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All deposit accounts, excluding certain brokered deposits, have
been transferred to First Michigan Bank, Troy, MI ("assuming
institution") and will be available immediately. The former CF Bancorp locations will reopen as branches of First Michigan Bank during regular business hours.
Your transferred deposits will be separately insured from any accounts
you may already have at First Michigan Bank for six
months after the failure of CF Bancorp. Checks
that were drawn on CF Bancorp that did not
clear before the institution closed will be honored as long as there are
sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank,
you may speak to an FDIC representative by calling 1-800-895-3212.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
EDIE
- FDIC's Electronic Deposit Insurance Estimator
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The Automated Teller Machines (ATM) and online service will remain available.
The bank will maintain its regular business hours, and you may continue
to use the services to which you previously had access, such as 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 balance(s) as if no change
had occurred. Your new bank 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 your branch
office. An account representative will
clear up any confusion about the validity of your checks.
All interest accrued through Friday, April 30,
2010 will be paid at your same rate. First Michigan Bank will
be reviewing rates. You
will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be
transferred automatically to your new bank. If
you have any questions or special requests, you may contact a representative
of your assuming institution at your
branch office. |
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If you had a loan with CF Bancorp, you should
continue to make your payments as usual. The
terms of your loan will not change, because they are contractually agreed to
in your promissory note. Checks should be made payable as usual and sent to the
same address until further notice. If you have further questions regarding an
existing loan, please contact
your loan officer.
For all questions regarding new loans and the lending policies of First Michigan Bank, please contact your branch office.
Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.
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Claims against failed financial institutions occur when bills sent to the
institution remain unpaid at the time of failure. If you or your company provided
a service or product, leased space, furniture,
or equipment to CF Bancorp after
Friday, April 30, 2010 and have
not been paid, you do not have
a claim against CF Bancorp. Please follow
your normal billing procedures by providing an invoice as instructed.
If you or your company provided a service
or product, leased space, furniture, or equipment to CF Bancorp prior
to Friday, April 30, 2010 and have
not
been
paid, you may be
entitled to a claim against the bank. If you provided a product to or a service
for CF Bancorp prior to the bank's failure
for
which you have not
been
paid
and you have not received communication, please
contact:
Federal Deposit Insurance Corporation
Receiver: CF Bancorp
1601 N. Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
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Please note: There are time limits for filing a claim, your claim must be filed on or before 8/4/2010.
All shares of CF Bancorp were owned by its holding company, Citizens First Bancorp, Inc., Port Huron, MI. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Citizens First Bancorp, Inc., please do not contact or file a claim with the Receiver. You may contact Citizens First Bancorp, Inc. directly for information as follows:
Citizens First Bancorp, Inc.
525 Water Street Port Huron, MI 48060
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In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
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Dividend Information on Failed Financial Institutions |
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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's Processing
Guide |
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General Disclaimer
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