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

Question and Answer Guide

Community National Bank, Lino Lakes, MN


The FDIC has put together some responses to frequent issues or questions bank customers may have following a bank failure. These should assist you in understanding what is happening at your bank.

On Friday, December 17, 2010, the Office of the Comptroller of the Currency closed Community National Bank, Lino Lakes, MN. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Farmers & Merchants Savings Bank, Manchester, IA acquired the deposits and assets of Community National Bank from the Receiver.

YOUR DEPOSITS ARE SAFE: No one lost any money on deposit at Community National Bank.

ACCESS TO YOUR MONEY: Deposit account(s), including checking, savings, money market, non-brokered Certificates of Deposit, and retirement accounts, have been transferred to the new bank. The accounts are available during regular business hours at the former bank branches. Checks will clear as usual. You may continue to use your existing checks. Your ATM/Debit card will continue to work as usual.

DIRECT DEPOSITS: All direct deposits including social security checks, payroll, veteran's benefits, welfare, disability, unemployment, or any payment you receive electronically will continue as usual.

AUTOPAYMENTS/BILLPAY: These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by the new bank.

INTEREST RATES: Interest on deposits will be accrued through the day the bank closed at your existing rate. The new bank will review current rates and will notify you of any changes. You may withdraw funds from any transferred account without early withdrawal penalty until you renew the deposit.

BROKERED DEPOSITS: As an All-Deposits Transfer transaction, the Farmers & Merchants Savings Bank has assumed all of the deposit accounts, including brokered deposits. If you are a customer who has a Community National Bank deposit through a broker, you must contact your broker with any questions.

SAFE DEPOSIT BOXES: You may continue to access your safe deposit box during normal business hours. Any changes will be communicated by the new bank.

OVERDRAFT LINES OF CREDIT: These lines have been transferred to the assuming bank. Please contact the new bank if you have additional questions regarding your accounts.

LOAN PAYMENTS: You should continue to make your payments according to the terms of your written contract. You may continue to make your payments at the branch office or send it to the same payment address with checks made payable to the old institution.

ESCROW PAYMENTS: 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, notify your loan officer immediately.

LOANS IN PROCESS: Please contact your current loan officer directly.

SHARES OF STOCK: Community Investment Services, Inc., a bank holding company, owns all shares of bank stock. The holding company is not included in the bank closing or the receivership. If you are a shareholder of the holding company, please do not contact or file a claim with the receiver. You must contact the holding company directly for more information:

Community Investment Services, Inc.
7641 Lake Drive
Lino Lakes, MN  55014

REPORTERS/MEDIA: Requests for information may be directed to the Office of Public Affairs, LaJuan Williams-Young, (202) 898-3876

CLAIMS: Please send claims for unpaid bills to the following address:

FDIC as Receiver for Community National Bank
1601 Bryan Street
Dallas, TX  75201
Attention: Claims Agent

DEPOSIT INSURANCE INFORMATION: If you have accounts in both the failed and the assuming institution, they will be insured separately for at least six months following the merger of the institutions. This will allow you time to restructure your accounts if necessary.

ADDITIONAL QUESTIONS: You may contact the FDIC Call Center at the number provided below with any additional questions:

FDIC Call Center
Toll free number 1-800-356-1848
Hours of Operation – Central Time
Friday, December 17, 2010:  Until 9:00 p.m.
Saturday, December 18, 2010:
  9:00 a.m. – 6:00 p.m.
Sunday, December 19, 2010:
  Noon – 6:00 p.m.
Thereafter:
  8:00 a.m. – 8:00 p.m.

SCAMS: Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating that they are acting on behalf of either the failed bank, new bank, or the FDIC. Should you be contacted by anyone requesting private information from you related to this event, please contact the call center above and you will be directed to the appropriate person.

For more information: www.fdic.gov/bank/individual/failed/communitynatl.html


Last Updated 08/20/2012 cservicefdicdal@fdic.gov