Each depositor insured to at least $250,000 per insured bank

1. Introduction
2. Press Release
3. Acquiring Financial Institution
4. Question and Answer Guide
5. Banking Services
6. Loan Customers
7. Possible Claims Against the Failed Institution
8. Priority of Claims
9. Dividend Information
10. Brokered Deposits
11. Purchase and Assumption Agreement (713 KB PDF File - PDF Help)
12. Bid Summary (7.8 KB PDF File - PDF Help)
13. CF Bancorp Contact Information
14. Balance Sheet Summary

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.

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.

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

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.

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.

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:

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:

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

Dividend Information on Failed Financial Institutions

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