Failed Bank Information
Information for Miami Valley Bank, Lakeview, OH
- Press Release
- Acquiring Financial Institution and Your Insured Deposits
- Priority of Claims
- Dividend Information
- Receivership Termination
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.
On October 4, 2007, Miami Valley Bank, Lakeview, OH was closed by the Ohio Department of Commerce, Division of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.
The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law and the receivership is deemed terminated.
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.
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.
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.
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 Company by visiting their web site.
IV. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
V. Dividend Information
VI. Receivership Termination
The FDIC as Receiver for Miami Valley Bank, Lakeview, OH has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership in the Federal Register on May 13, 2016.
The Receiver has made all dividend distributions required by law.
Effective September 1, 2016, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.