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Failed Bank Information
Information
for Lakeside Community Bank, Sterling Heights, MI |
- Introduction
- Press Release
- Is My Account Fully Insured?
- Acquiring Financial Institution
- Question and Answer Sheet
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Lakeside Community Bank 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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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. |
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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:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- 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 |
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