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Failed Bank Information
Bank Closing Information for Miami Valley Bank, Lakeview, Ohio
  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution and Your Insured Deposits
  4. Question and Answer Sheet
  5. Banking Services
  6. Loan Customers
  7. Possible Claims Against the Failed Institution
  8. Priority of Claims
  9. Dividend Information
  10. Brokered Deposits
  11. Miami Valley Bank Contact Information
  12. Balance Sheet Summary
I.  Introduction

On October 4, 2007, Miami Valley Bank, Lakeview, Ohio was closed by the Ohio Department of Commerce, Division of Financial Institutions 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 help answer many of your questions.

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II.  Press Release

The FDIC has issued a press release (PR-83-2007) about the institution’s closure. If you represent a media outlet and would like information about the closure, please contact David Barr at 202-898-6992.

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III.  Acquiring Financial Institution and Your Insured Deposits

All insured deposit accounts have been transferred to The Citizens Banking Company, Sandusky, OH ("assuming institution") and will be available immediately.  Your bank will re-open during regular business hours at the former Miami Valley Bank main office and branch.

You may view more information about The Citizens Banking Company by visiting their web site at The Citizens Banking Company (CITIZENSBANK)

Principal and interest on insured accounts, through October 4, 2007, are fully insured by the FDIC, up to the insurance limit of $100,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts may be insured for more than the $100,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.

If it is determined that you have uninsured funds, the FDIC will mail you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the assets of Miami Valley Bank. This means that you may eventually recover some of your uninsured funds.

All accounts that exceed the $100,000 insurance limit, and/or all accounts that appear to be related and exceed this limit, are reviewed by the FDIC to determine their ownership and insurance coverage. If it appears that you have potentially uninsured funds, an FDIC Claim Agent will contact you, by either telephone or mail, regarding your account(s). Or, you may call 1-800-451-1093 between 9:00 am and 10:00 pm EST to arrange for a telephone interview with a Claim Agent.  The Claim 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

Your transferred deposits will be separately insured from any accounts you may already have at The Citizens Banking Company for six months after the failure of Miami Valley Bank. Checks that were drawn on Miami Valley Bank that did not clear before the institution closed will be honored up to the insurance limit. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative regarding deposit insurance by calling 1-800-451-1093.

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

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with The Citizens Banking Company by either making a deposit to or a withdrawal from your account, provided the deposits are not pledged as collateral for loans. You may view more information about The Citizens Banking Comapny by visiting their web site.

The Citizens Banking Company (www.citizensbankco.com)

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V.  Banking Services

You may continue to use the services to which you previously had access, such as automatic teller machines (ATMs), 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 insured balance(s) as if no change had occurred. The Citizens Banking Company 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 The Citizens Banking Company, Customer Service Department, at 1-888-645-4121. An account representative will clear up any confusion about the validity of your checks.

After October 4, 2007, your account will earn interest at a rate determined by The Citizens Banking Company. You will be notified by letter regarding this matter.

Your automatic direct deposit(s) and/or automatic withdrawal(s) should be transferred automatically to your assuming institution. You should contact your assuming institution, however, to discuss your account(s) and to insure that service is not delayed or discontinued.

All your deposit account histories and records will be transferred to your assuming institution. If your assuming institution requires any additional signatures or forms, it will notify you. If you have any questions or special requests, you may contact a representative of your assuming institution at 1-888-645-4121.

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VI.  Loan Customers

If you had a loan with Miami Valley Bank, you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to in your promissory note with the failed institution.  Checks should be made to your former bank and sent to the same address until further notice.

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VII.  Possible Claims Against the Failed Institution

Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership.

SUMMARY: The FDIC has determined that insufficient assets exist in the receivership of Miami Valley Bank, Lakeview, Ohio, to make any distribution to general unsecured claims, and therefore such claims will recover nothing and have no value.

DATES: The FDIC made its determination on March 28, 2011.

FOR FURTHER INFORMATION CONTACT: If you have questions regarding this notice, you may contact an FDIC Claims Agent at (972) 761–8677. Written correspondence may also be mailed to

FDIC as Receiver of Miami Valley Bank,
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent

SUPPLEMENTARY INFORMATION: On October 4, 2007, Miami Valley Bank, Lakeview, Ohio, (FIN #10002) was closed by the Department of Financial Institutions for the State of Ohio, and the Federal Deposit Insurance Corporation (''FDIC'') was appointed as its receiver (''Receiver''). In complying with its statutory duty to resolve the institution in the method that is least costly to the deposit insurance fund, see 12 U.S.C. 1823(c)(4)), the FDIC facilitated a transaction with The Citizens Banking Company, Sandusky, Ohio, to assume the insured deposits of the failed institution, while retaining the remaining assets of the bank for later disposition.
Section 11(d)(11)(A) of the Federal Deposit Insurance Act, 12 U.S.C. 1821(d)(11)(A), sets forth the order of priority for distribution of amounts realized from the liquidation or other resolution of an insured depository institution to pay claims. Under the statutory order of priority, administrative expenses and deposit liabilities must be paid in full before any distribution may be made to general unsecured creditors or any lower priority claims.
As of December 31, 2010, the value of assets available for distribution by the Receiver, together with all expected recovery sources, was $14,671,702. As of the same date, administrative expenses and depositor liabilities equaled $41,374,312, exceeding available assets by at least $26,702,610. Accordingly, the FDIC has determined that insufficient assets exist to make any distribution on general unsecured creditor claims (and any lower priority claims) and therefore all such claims, asserted or unasserted, will recover nothing and have no value.

Federal Register /Vol. 76, No. 64 /Monday, April 4, 2011 /Notices Pg. 18551

FAQ re Miami Valley "No Value" Determination

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VIII.  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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IX.  Dividend Information
Dividend History on Miami Valley Bank

Dividend Information on Failed Financial Institutions
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X.  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 Processing Guide

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General Disclaimer

Last Updated 08/28/2012 cservicefdicdal@fdic.gov