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



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Question and Answer Guide
Citizens State Bank, New Baltimore, MI
FDIC Call Center
Toll free number 1-800-350-2746
Hours of Operation – Eastern Time
Friday, December 18, 2009:   Until 9:00 p.m.
Saturday, December 19, 2009:   9:00 a.m. – 6:00 p.m.
Sunday, December 20, 2009:   Noon – 6:00 p.m.
Thereafter:   8:00 a.m. – 8:00 p.m.*

NOTE: Due to the Christmas Holiday, the call center will not be operational between the hours of 3 p.m., Thursday, December 24, and 8 a.m. Monday, December 28.

Is My Account Fully Insured? (https://www2.fdic.gov/drrip/afi/index.asp)
Electronic Deposit Insurance Estimator (www.myfdicinsurance.gov)

The Michigan Office of Financial and Insurance Regulation, closed Citizens State Bank, New Baltimore, MI, on Friday, December 18, 2009. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was appointed as Receiver. According to regulatory policy, the public is not given advance notice of the closure.

On December 19, 2009, the bank will be re-opened as Deposit Insurance National Bank of New Baltimore (DINB of New Baltimore), New Baltimore, MI.

Personal checks drawn on Citizens State Bank will continue to clear as usual up to the available balance until February 1, 2010. Checks for insured transaction accounts and savings accounts remaining on February 1, 2010 will be sent to your mailing address on record with Citizens State Bank. These will be mailed on February 2, 2010 and will be drawn on Federal Home Loan Bank of Chicago.

Customers are encouraged to open new accounts with another institution as soon as possible. Any automatic transactions, including social security payments and automated payments, will need to be established with a new institution.

Cashier's checks drawn on Citizens State Bank will continue to clear as usual. Please note these will be issued to close customer accounts and will continue to clear. Holders of these checks should cash them as soon as possible.

Checking and Savings Accounts: You will have continued access to your insured checking and savings account funds by using your same checks and ATM/debit cards through close of business February 1, 2010. Checks which have not cleared your account by that date will be returned. Once you have identified your outstanding checks and verified your balance, you can also write a check to close your account.

Certificates of Deposit (CD) and Individual Retirement Accounts (IRA): Checks for insured CDs and insured IRAs will be sent to your mailing address on record with Citizens State Bank. These will be mailed on Monday, December 21, 2009 and will be drawn on Federal Home Loan Bank of Chicago.

Direct Deposits: All direct deposits, including Social Security checks, will continue through close of business February 1, 2010. After that date, all items will be returned. You should make other arrangements as soon as possible.

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 scams to obtain information from you.

DEPOSIT QUESTIONS

Over $250,000: What if I have more than $250,000 in my accounts at Citizens State Bank?

You should call the FDIC to schedule a telephone appointment with an FDIC Claims Agent at 1-800-350-2746. If you have more than $250,000 in your interest-bearing account, or if the total of your related interest-bearing accounts exceeds $250,000, your accounts may require review by an FDIC Claims Agent.

If you have an interest-bearing account or group of interest-bearing accounts that exceed $250,000, you may need to complete certain declarations or affidavits and provide documentation so that the FDIC can make an insurance determination on your account(s).

If your deposits DO NOT exceed $250,000, or if your deposits are in a noninterest-bearing transaction account, you DO NOT need to complete these documents or contact the FDIC. The balance in ALL noninterest-bearing transaction accounts (checking accounts) is fully insured.

An account hold may be placed on an account due to the need for additional documentation from a depositor. For example, a Declaration for Trust form may be required to attest to the parties involved in a trust. These forms can be mailed to you, or you can access them online at: Deposit Claims (www.fdic.gov/regulations/laws/forms/#DepositClaims).

If you have a question regarding the completion of required affidavits or declarations, please call 1-800-350-2746 and indicate you have a form-completion question.

Account Hold: I have been advised there is a hold on my account. What does that mean?

It is possible a depositor's account was held due to delinquent loans where the depositor is the borrower or guarantor. Additionally, any account pledged as collateral for a loan will continue to be held. A letter will be sent informing you of any holds placed by the FDIC, along with instructions on how to proceed. If you have any questions regarding these holds, please call your loan officer or the FDIC at the number provided in the letter.

Another reason an account hold may be placed is due to the need for additional documentation from a depositor. For example, a Declaration for Trust form may be required to attest to the parties involved in the trust. Please contact the FDIC at 1-800-350-2746 to schedule a telephone appointment.

Account Insurance Status: Is my account fully insured? Is there a method to verify whether my account(s) at Citizens State Bank are fully insured?

A tool, Is My Account Fully Insured? (https://www2.fdic.gov/drrip/afi/index.asp), is available that allows failed bank customers the ability to verify whether their account is fully insured or if they need to contact the FDIC.  This service will be available for use no later than the first business day after the bank's failure.  Once you enter your account number, your insurance status for that account will appear.  If there is a hold on your account, it may be due to the need for the additional documentation referenced in question number one. If there is a hold, you will need to contact the FDIC at 1-800-350-2746 to schedule a telephone appointment.

ATM/Debit Card/Checks: Can I continue to write checks or use my ATM/Debit card?

You will be able to continue using your personal checks and your ATM/Debit card; however, any checks clearing after close of business February 1, 2010, will be returned. The ATM will not be available for a short period of time on Friday for processing. However, it will be operational shortly thereafter and available as usual until January 8, 2010.

Automatic Payments/Online BillPay: Will my automatic payments through BillPay continue?

BillPay will be available over the weekend in a read-only mode; however, it will be available for transactions on Monday morning. Any payments scheduled MUST CLEAR your account by January 8, 2010 or they will be returned. However, you should begin to make arrangements to transition to a new online banking service as soon as possible since the service will be discontinued.

Checks not honored: A merchant will not honor my check. What can I do?

Merchants are encouraged to honor Citizens State Bank checks as these will continue to clear. A copy of this document or the press release (www.fdic.gov/news/news/press/2009/pr09235.html) can be provided since both documents state insured deposits have been received by DINB of New Baltimore. Citizens State Bank checks will continue to clear up to the available balance until close of business February 1, 2010. Copies of this document will be available at the bank. Depositors or merchants can also call the FDIC at 1-800-350-2746 or they may call any of the former Citizens State Bank branch locations.

Claim Account(s): How do I claim my account(s)?

A deposit insurance payment of your checking and/or savings account(s) up to the insured limit has been transferred to DINB of New Baltimore. Please be advised that you have until close of business February 1, 2010, to claim the money in your account(s) or a check will be mailed to you at that time.

Checks for your insured CDs and insured IRAs will be mailed on Monday, December 21, 2009. Unclaimed monies will be escheated to the state after 18 months. Unclaimed property can be located by visiting www.missingmoney.com or contacting your state treasurer's office or office of unclaimed property.

Customer Impact: How does this failure affect me?

You have until February 1, 2010 to close your checking and savings accounts. If your deposits are in insured transaction and/or savings account(s), the total balance of your account(s) will be received by DINB of New Baltimore. Your account(s) will be available at Citizens State Bank branches or by writing checks against your Citizens State Bank account until February 1, 2010.

DINB of New Baltimore has possession of your insured deposits and will continue to operate the Citizens State Bank branches until close of business February 1, 2010. You will have continued access to your money through your ATM/debit card and by writing checks. However, any checks that have not cleared by close of business February 1, 2010, will be returned.

Insured CD and insured IRA balances will be mailed to you on Monday, December 21, 2009.

If you have more than $250,000 in your interest-bearing account (or $250,000 in your IRA), or if the total of your related interest-bearing accounts exceeds $250,000, your accounts may require review by an FDIC Claims Agent. All accounts that appear to be related are reviewed to determine ownership and insurance coverage. Certain entitlements and different types of accounts can be insured in excess of the $250,000. If you think you might have uninsured deposits, please see question number one for information regarding forms you may need to complete to expedite this process.

If you had a loan with the bank, continue to make your checks payable to Citizens State Bank and mail to the same address you have used in the past until you are instructed otherwise.

Direct Deposits, Social Security: What will happen to my direct deposits?

Direct Deposits, including Social Security payments, will continue until close of business February 1, 2010. You should make arrangements with another financial institution as soon as possible.

Early withdrawal penalty: Will I incur an early withdrawal penalty on my closed CD?

No.

Final Statement: How will I get my final account statement(s) from Citizens State Bank?

DINB of New Baltimore will mail your account statements as you have received them in the past. Customers who have not closed their accounts by close of business February 1, 2010, will receive a final statement at that time.

Interest: Will I continue to earn interest at the same rate?

No. All interest on insured deposits accrued through Friday, December 18, 2009 will be paid at your same rate. Interest will not continue to accrue after that date. All CD and IRA-insured account balances will be mailed to your address of record with Citizens State Bank.

Interest Checks/Cashier's Checks: Can I cash my interest check or cashier's check?

Interest checks and cashier's checks will continue to clear after February 1, 2010, customers are highly encouraged to cash these checks as soon as possible. Official checks (those issued by institutions – for example, cashiers' checks, certified checks, money orders) meet the definition of noninterest-bearing transaction accounts. Under the Temporary Liquidity Guarantee Program, noninterest-bearing transaction accounts are fully insured.

Internet Connection: Will my Internet connection to Citizens State Bank work?

Over the weekend, the website will be available in a read-only mode. Online transactional service is expected to resume on Monday morning. Citizens State Bank had a number of avenues for customers to access funds, and each of those avenues will be available when final processing is completed.

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 scams to obtain information from you.

IRAs: What if I have an Individual Retirement Account (IRA)? Will this be considered another rollover?

From the date a check is issued to you from your IRA, you have 60 days from the date the check was issued to roll this over into another retirement vehicle. You should consult IRS Publication 590 and/or your tax advisor concerning the possible tax consequences of such distribution. This publication specifically addresses this situation; therefore, you should review it carefully. IRS Publication 590 may be obtained by contacting your local IRS office or via the Internet at www.irs.gov.

IRA funds are insured separately from other types of accounts up to $250,000. IRA checks for the insured amount will be mailed to your address of record on Monday, December 21, 2009.

Lose Any Money: Will I lose anything on my deposit account?

Principal and interest on insured accounts, through Friday, December 18, 2009, are protected by the FDIC, to at least $250,000. Certain entitlements and different types of accounts can be insured in excess of the $250,000.

If you have more than $250,000 in your interest bearing account (or $250,000 in your IRA), or if the total of your related interest bearing accounts exceeds $250,000, your accounts may require review by an FDIC Claims Agent. All accounts that appear to be related are reviewed to determine ownership and insurance coverage. See question number one for information regarding forms you may need to complete to expedite this process.

Outstanding Checks: What will happen to the checks which have not cleared my account?

Checks that were drawn on Citizens State Bank that did not clear before the institution closed will be honored up to your insured amount or available balance until close of business February 1, 2010.

Records/Account Histories: What if I need information regarding my account during the time Citizens State Bank was in business?

Please call or visit your branch to request any records you may need. After February 1, 2010, please call 1-800-350-2746.

Tax Reporting - 1098/1099s: Who will send my 1098 and/or 1099 information after the end of the year?

DINB of New Baltimore will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC as Receiver for Citizens State Bank or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.

Uninsured: Will I collect my uninsured deposits?

If you have a loan in the same name as your uninsured deposit account, it may be possible to offset your uninsured amount against your loan. You should discuss this with your Claims Agent during your appointment.

If it is determined that you have some uninsured funds, the FDIC will mail you a Receivership Certificate. This certificate entitles you to share proportionately in any funds recovered through the sale of the assets of Citizens State Bank. You may eventually recover some of your uninsured funds as assets are liquidated.

When a financial institution is closed and the Federal Deposit Insurance Corporation ("FDIC") is appointed as receiver, one of FDIC's responsibilities is to sell the institution's assets to pay the depositors and its creditors. The money generated by the sale of these assets will flow through the Receivership. Periodic dividend payments will be made to proven claimants when excess cash is available. For an explanation of the dividend process, go to FDIC Dividends from Failed Banks (http://www2.fdic.gov/divweb/index.asp).

Of course, you will receive immediate full payment for your insured checking and savings accounts through DINB of New Baltimore. You will receive a check for full payment of your insured CDs and insured IRAs from the FDIC.

Wire Transfer: Can funds be wired to me?

Your checking and savings account funds can be wired at your request. Any outgoing wire fees will be waived. Please contact your former Citizens State Bank branch location regarding your wire request. Checks for insured CDs and insured IRAs will be mailed to you on December 21, 2009.

LOAN QUESTIONS

Automatic Payments: Will my automatic transaction payment still occur on its assigned date?

Any automatic payments from your account will continue until close of business February 1, 2010. We encourage you to check your account the day after your scheduled draft to verify the transaction. If the transaction did not occur, please notify your loan officer. You should make arrangements with your new bank as soon as possible.

Construction Loan Draws: Will construction draws continue? Will my project be completed?

Each loan is being reviewed independently, and you should direct your questions to your loan officer. These will be determined on a case-by-case basis.

Construction Loan Voucher Control: Will my subcontractors be paid as before?

Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer.

Escrows: Will you continue to pay my escrows?

All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance were not paid, please notify your loan officer immediately.

Fees: Are there any changes to fees or charges due to this event?

No. The current fee structure will remain the same.

Foreclosures: Will the FDIC continue foreclosures in process?

At this point, all foreclosure actions have been suspended to properly evaluate the loans and the borrower's ability to repay. We intend to sell all loans, and the new owner will determine the best method to collect them. There may be instances where FDIC will continue with the foreclosure process; however, this will be done on a case-by-case basis.

Lender and contact names: Who is my lender and has my loan contact changed?

Your loan is currently owned by the FDIC and is being serviced by all of the same personnel with whom you have worked in the past. All prior contacts remain the same.

Loan Sales: Will my loan be sold?

Your loan may be sold at a future undetermined date. If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer will be, you have the right to independently refinance your loan with another lender.

Line of Credit – Home Equity: Can I continue to receive advances on my line of credit?

All lines of credit, including Home Equity Lines of Credit (HELOCs) and overdraft lines of credit, have been suspended at this time and have been retained by the Receiver. It is our intention to sell your loan. The Receiver is not a bank. It does have the ability to fund some short-term needs if in the best interest of the Receiver; however, any funding and issuance of a check is not immediate. You are encouraged to seek financing from another bank. They will be able to better serve your needs on an ongoing basis.

Loan in Process: I have a loan currently in process. How is my loan impacted?

Please contact your loan officer directly.

Loan Sweeps: Will my loan sweep be discontinued?

This will be determined on a case-by-case basis. Please contact your loan officer.

Overdraft Line of Credit: Will my overdraft line of credit continue to cover my overdrafts?

No. These lines have been retained by the FDIC and have been frozen. You will need to establish a new overdraft line of credit with your new bank.

Payments: How and where do I make my payments?

You should continue to make your payments as agreed. Make checks payable to Citizens State Bank and utilize the same payment address information. You may continue to make your payments at the branch or by phone via check or credit card.

Pre-payment Penalty: If I refinance with another lender, will my pre-payment penalty be waived?

Any pre-payment penalty will be waived as long as FDIC as Receiver for Citizens State Bank has control of the asset, and the borrower obtains refinancing of the outstanding balance on the account with another financial institution.

SBA Application in Process: What will happen to my SBA loan application in process?

DINB of New Baltimore will not be originating any new loans.

If your loan has been approved by the SBA, but is not yet funded, please contact your loan officer. He will direct you to the proper SBA contact to help you locate another approved lender.

If your loan is in process, but is not yet approved by the SBA, we will release your SBA package on file with us to you, and you will need to apply with another SBA-approved lender. Please contact your loan officer to make arrangements to retrieve your application from the bank.

What Happens Now: What will happen to my loan?

Your loan may be sold at a future undetermined date. If that occurs, you will be notified in advance through written correspondence.

GENERAL QUESTIONS

FDIC Insurance: How can I find out more about Federal Deposit Insurance rules?

You may access our website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE):

Deposit Insurance (www.fdic.gov/deposit/index.html)
Are my deposits insured? (www.fdic.gov/deposit/deposits/index.html)
EDIE (www.myfdicinsurance.gov)


You may also order any FDIC publication:

FDIC Public Information Center
3501 North Fairfax Drive
Room E-1002
Arlington, VA 22226

1-703-562-2200 Phone
1-703-562-2296 Fax
publicinfo@fdic.gov

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

Please contact the Office of Public Affairs:

LaJuan Williams-Young
1-202-898-3876
LWilliams-Young@fdic.gov

New Bank Insured: Is the new bank insured by the FDIC?

Yes. Your deposit at DINB of New Baltimore is insured by the FDIC, and each depositor is insured to at least $250,000, as established by law.

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

You have until February 1, 2010 to empty your safe deposit box. Please be advised if you do not clear your safe deposit box before that date, the box will be drilled under dual control. The contents will be escheated to your state according to state law. You will receive a letter at the address listed on the bank's record prior to your box being drilled. Unclaimed property can be located by visiting www.missingmoney.com or by contacting the state treasurer's office or the office of unclaimed property.

Shareholders: I am a shareholder. What happens to my shares?

Citizens State Bank had no publicly owned stock. Equity shareholders were invested in the holding company, Citizens State Bancorp, New Baltimore, MI, 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:

Citizens State Bancorp, Inc.
51066 Washington Street
New Baltimore, MI 48047

Unpaid Bill: I did some work for Citizen State Bank and have not yet been paid. What should I do?

Please send your bills to the following address:

Federal Deposit Insurance Corporation
Receiver:   Citizens State Bank
1601 Bryan Street
Dallas, TX  75201-3430
Attention: Claims Agent

Work for FDIC – Contract or Employment: How can I apply to work for FDIC as a contractor or employee?

You may access information about doing business with the FDIC at
Procurement Opportunities (www.fdic.gov/buying/goods/opportunities/index.html)

You must also register in the Central Contractor Registration database at www.ccr.gov.
Entry into the database is not a guarantee that a contractor will receive a future solicitation.

You may also call 1-866-308-4470 for more information or send an email to ProcurementOpportunities@fdic.gov. Please include a statement of your corporate capabilities, contact information and Minority or Women-Owned Business (MWOB) status, if any.

To review positions currently available at the FDIC, visit Careers at FDIC (www.fdic.gov/about/jobs/index.html).




Last Updated 03/21/2014 cservicefdicdal@fdic.gov