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Account(s): What about my account(s) with Citizens National Bank?
If you had an account with Citizens National Bank, you now have an account
with Morton Community Bank. All deposit accounts, which include Checking,
Savings, Money Market, CDs and Retirement accounts have been transferred
Community Bank, Morton, Illinois, regardless of the dollar amount. No one
lost any money on deposit in Citizens National Bank.
ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with Citizens National Bank?
Your ATM/debit card will continue to work, and bill paying will work as it has in the past.
Brokered Deposits: I am a deposit broker or have brokered deposits. What do I do?
All brokered deposits will be funded and paid out directly by the FDIC. Brokers will not need to submit paperwork to claim funds. For additional recorded guidance relative to broker processing, you may call 1-877-872-1685.
Direct Deposits - Government Deposits: What will happen to my direct deposits?
Direct Deposits, including Social Security checks, will continue as normal.
Existing Deposits at Morton Community 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 Morton Community 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.
Interest Rates, Early Withdrawal Penalty: Will I continue to earn interest at the same rate? Will I be charged an early withdrawal penalty?
Morton Community Bank will be reviewing rates and will notify you.
Loans/mortgages: What about my loan or mortgage with Citizens National Bank?
All mortgages and loans have been assumed by Morton Community 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 Citizens National Bank 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 Citizens National Bank?
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, notes or subordinated notes that I own in Citizens Central Bancorp, Inc. ?
There was no publicly owned stock in Citizens National Bank. If you are
an equity shareholder, your shares are in Citizens Central Bancorp, Inc.,
Macomb, Illinois the holding company for Citizens National Bank, and not
the institution. Citizens Central Bancorp, Inc. and the interests of equity,
debt holders or other creditors of Citizens Central Bancorp, Inc. are not
included in the closure or receivership of the institution. Please do not
file a claim with the Receiver, rather contact Citizens Central Bancorp,
Inc. directly for information:
Any claims by equity holders were not acquired.
All claims against Citizens National Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address:
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 is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.
|Last Updated 08/17/2012||Customer Service|