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Failed Bank Information
Information for Lakeside Community Bank, Sterling Heights, MI
  1. Introduction
  2. Press Release
  3. Is My Account Fully Insured?
  4. Acquiring Financial Institution
  5. Question and Answer Sheet
  6. Banking Services
  7. Loan Customers
  8. Possible Claims Against the Failed Institution
  9. Priority of Claims
  10. Dividend Information
  11. Brokered Deposits
  12. Lakeside Community Bank Contact Information
  13. 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.
I.  Introduction
On Friday, April 16, 2010, Lakeside Community Bank, Sterling Heights, MI was closed by the Michigan Office of Financial and Insurance Regulation, and the 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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II.  Press Release
The FDIC has issued a press release (PR-077-2010) 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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III.  Is My Account Fully Insured?
This link will allow you to verify the insurance status of each of your accounts. This link will be available for use no later than the first business day after bank failure.

Simply enter your account number in the search screen. If your account was deemed fully insured, you will receive the message "your account is fully insured" along with a link will to additional information. Otherwise, you will receive a message recommending that you should contact the FDIC along with a link to the appropriate contact information.

Is My Account Fully Insured?
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IV.  Acquiring Financial Institution
An acquiring institution could not be located; therefore, the FDIC will fulfill its obligation to insured depositors by mailing checks for their insured amounts.

Principal and interest on insured accounts, through April 16, 2010, are fully insured by the FDIC, up to the insurance limit of $250,000.  You will receive full payment for your insured account.  Certain entitlements and different types of accounts can be insured for more than the $250,000 limit.  IRA funds are insured separately from other types of accounts, up to a $250,000 limit.

All interest bearing accounts that exceed the $250,000 insurance limit and/or all interest bearing accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage.  If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 1-800-640-2631. The Claims Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.

List of Affidavits, Declarations, and Forms available for download

Please return the forms to the FDIC by FAX (facsimile) or mail at the number or address listed for the failed institution.

FDIC Call Center
Toll free number 1-800-640-2631
Hours of Operation – Eastern Time
Friday, April 16, 2010: Until 9:00 p.m.
Saturday, April 17, 2010: 9:00 a.m. - 6:00 a.m.
Sunday, April 18, 2010: Noon - 6:00 p.m.
Thereafter: 8:00 a.m. - 8:00 p.m.
If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receivership Certificate. This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of Lakeside Community Bank. This means that you may eventually recover some of your uninsured funds.

To find out more about FDIC Deposit Insurance:

Your CD(s) will automatically be closed, and you will receive a check up to the insured amount from the FDIC. You will not be assessed an early withdrawal penalty.  A hold may be in place on deposit accounts due to delinquent loans where the depositor is the borrower or guarantor.  Additionally, any account pledged as collateral for a loan will be held.
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VI.  Banking Services
On April 16, 2010, all accounts have been closed and you will receive a check up to your insured amount and a final statement from the FDIC. You will no longer have access to the website and online services.
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VII.  Loan Customers
If you had a loan with Lakeside Community Bank, 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. Make checks payable to FDIC as Receiver for Lakeside Community Bank and utilize the same payment address information.

If you have questions concerning this matter, please call 1-800-640-2631 to schedule an appointment with an FDIC representative.

Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.

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VIII.  Possible Claims Against the Failed Institution
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 Lakeside Community Bank after April 16, 2010 and have not been paid, you do not have a claim against Lakeside Community Bank. 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 Lakeside Community Bank prior to April 16, 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 Lakeside Community Bank 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: Lakeside Community Bank
1601 N. Bryan Street
Dallas, TX  75201-3430
Attention: Claims Agent


Please note: There are time limits for filing a claim, your claim must be filed on or before 7/21/2010.

The Lakeside Community Bank had no publicly owned stock. Equity shareholders were invested in the holding company, Michigan Community Bancorp, Ltd., Sterling Heights, Michigan and not in the bank. Please do not file a claim with the Receiver, rather contact the holding company with any questions you may have:

Michigan Community Bancorp, Ltd.
43850 Schoenherr Road
Sterling Heights, MI 48313
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IX.  Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders
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X.  Dividend Information
No dividends have been declared at this time.

Dividend Information on Failed Financial Institutions

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XI.  Brokered Deposits
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



Last Updated 12/15/2011 cservicefdicdal@fdic.gov