Account(s): What about my account with 1st American State Bank of Minnesota?

If you had an account with 1st American State Bank of Minnesota, you now have an account with Community Development Bank, FSB, Ogema, MN. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts, have been transferred to Community Development Bank, FSB, Ogema, MN., regardless of the dollar amount. No one lost any money on deposit in 1st American State Bank of Minnesota.

Customers of the bank should continue to use their existing branch until Community Development Bank, FSB, Ogema, MN, can fully integrate the deposit records of 1st American State Bank of Minnesota.

To forewarn you of any scams, please be advised that you will not receive any notification from the FDIC, the Receiver, or Community Development Bank, FSB, to provide any private information. Please be watchful for and resist any such scams to obtain information from you by individuals or entities purporting to act on behalf of 1st American State Bank of Minnesota, Community Development Bank, FSB, or the FDIC.

ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with 1st American State Bank of Minnesota?

Your ATM/debit card will continue to work, and bill paying will work as it has in the past.

Direct Deposits - Government Deposits: What will happen to my direct deposits?

Direct Deposits, including Social Security checks, will continue as normal.

Existing Deposits at Community Development Bank, FSB: I already have other deposit accounts with the new bank.  When combined with balances at this bank, my deposits exceed $250,000.  Are all funds insured?

The accounts transferred to Community Development Bank, FSB, Ogema, MN, will be separately insured for at least six months after the merger. This grace period gives a depositor the opportunity to restructure the accounts, if necessary.

CDs from the failed bank are separately insured until the earliest maturity date after the end of the six-month grace period.

CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period.

If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.

Interest Rates, Early Withdrawal Penalty: Will I continue to earn interest at the same rate?  Will I be charged an early withdrawal penalty?

Interest on all deposits accrued through Friday, February 5, 2010, will be paid at your same rate. Community Development Bank, FSB, Ogema, MN, will review rates and notify you if interest rates will change. Your interest rate may be reduced.

You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with your new bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to or a withdrawal from your account.

Loans/mortgages: What about my loan or mortgage with 1st American State Bank of Minnesota?

All mortgages and loans have been assumed by Community Development Bank, FSB, Ogema, MN. Your payment amount and due date are the same. If you are having your payment deducted from your account, it will continue as it has in the past. You should continue to make your checks payable to 1st American State Bank of Minnesota and send your payments to the same address.

Loans in Process: What happens if I had a loan in process that had not closed or a line of credit not fully funded?

You should contact your loan officer.  All prior contacts remain the same.

Media: I represent a TV/Newspaper/Radio and would like some information.

Please contact the Office of Public Affairs:

Outstanding Checks: What about checks that I have written on my account with 1st American State Bank of Minnesota?

Your checks will clear up to the available balance in your account.  You can continue to use your existing checks.

Safe Deposit Boxes: How can I claim the contents of my safe deposit box?

It is business as usual.  You can go to your local branch and access your safe deposit box; however, no action on your part is required because of this transaction.

Shareholders: What about my shares of stock?

All shares of 1st American State Bank of Minnesota were owned by its holding company, West Central Banque Shares, Hancock, MN. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of West Central Banque Shares, please do not contact or file a claim with the Receiver. You may contact West Central Banque Shares directly for information as follows:

Transaction Types: Why do all deposits, insured or not, pass in some transactions but not in others?

The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result had been for the FDIC to transfer only the insured deposits in a Purchase and Assumption transaction; however, the temporary increase in the deposit insurance limit has assisted in the transfer of all deposits more often in the past year.

Unpaid Bills: I did some work for the bank and have not been paid. What should I do?

All claims against 1st American State Bank of Minnesota, together with proof of the claims, must be submitted in writing to the Receiver at the following address:

Last Updated 12/13/2012

cservicefdicdal@fdic.gov