FDIC Call Center
Toll free number 1-800-895-3212
Hours of Operation – Eastern Time
Friday, April 30, 2010:
Until 9:00 p.m.
May 01, 2010:
a.m. – 6:00
Sunday, May 02, 2010:
Noon – 6:00
8:00 a.m. – 8:00
On Friday, April 30, 2010, CF Bancorp, Port Huron, MI
was closed by the Michigan Department of Financial and Insurance Regulation.
The Federal Deposit
was then named Receiver. Subsequent to the closure, First Michigan Bank,
Troy, MI acquired substantially all the
of CF Bancorp
from the FDIC as Receiver for CF Bancorp. Any claims by equity holders
were not acquired.
The total balance in your account(s) has been transferred to First Michigan Bank and will be available for transactions during regular business
the former CF Bancorp branches.
You may continue to use your same checks, ATM cards and debit cards until notified.
All Direct Deposits, including Social Security checks, will continue as usual.
What about my account with CF Bancorp?
If you had an account with CF Bancorp, you now have an account
with First Michigan Bank, Troy, MI. All deposit
accounts, which include
checking, savings, money market, CDs and retirement accounts, have been
transferred to First Michigan Bank, regardless of the dollar amount. No one
lost any money
on deposit in CF Bancorp.
Customers of both banks should continue to use their existing branches until
First Michigan Bank can fully integrate the deposit records of CF Bancorp.
To forewarn you of any scams, please be advised that you will not receive
any notification from the FDIC, the Receiver, or First Michigan Bank to
claim/unlock/unsuspend your account or to provide any private information.
be watchful for and resist any such scams to obtain information from you by
individuals or entities purporting to act on behalf of CF Bancorp, First Michigan
Bank or the FDIC.
I am a deposit broker or have brokered deposits. What do I do?
As an All-Deposit Transfer transaction, the total of all
deposit accounts, excluding the Cede & Co. brokered deposits, have been
assumed by First Michigan Bank. The FDIC retained the Cede & Co. brokered
deposits and will pay those accounts off directly.
Be advised, however, that from and after the date of closing,
First Michigan Bank will accrue and pay interest on
deposit liabilities at a rate it shall determine; accordingly,
First Michigan Bank shall permit depositors, including
brokered depositors, impacted by reduced rates to withdraw
their deposits without penalty for early withdrawal.
If you are a customer who has a CF Bancorp deposit through a broker, you must contact your broker with any questions.
Existing Deposits at First Michigan Bank:
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 First Michigan Bank 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 grace 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, April 30, 2010,
will be paid at your same rate. First Michigan Bank will review
rates. If interest rates will change, you will be notified.
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
a deposit to or a withdrawal from your account.
What about my loan or mortgage with CF Bancorp?
Most mortgages and loans have been assumed by First Michigan Bank. 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 CF Bancorp
and send your payments to the same address.
A small number of loans, including all loans held by the subsidiary Citizens First Mortgage LLC, were retained by the FDIC as Receiver. Payments and due dates remain the same. Checks should continue to be made payable to CF BANCORP and sent to the same address. To determine if your loan is now held by First Michigan Bank or the FDIC as Receiver you may contact your previous loan officer.
All shares of CF Bancorp were owned by its holding company, Citizens First Bancorp, Inc.,
Port Huron, MI. The holding
company was not included in the closing of the bank or the
resulting receivership. If you are a
shareholder of Citizens First Bancorp, Inc., please do not
contact or file a claim with the Receiver. You may contact
Citizens First Bancorp, Inc. directly for information
Citizens First Bancorp, Inc.
525 Water Street Port Huron, MI 48060
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.