|FDIC Call Center
Toll free number 1-800-894-3219
Hours of Operation – Central Time
|Friday, May 14, 2010:
|| Until 9:00 p.m.
May 15, 2010:
a.m. – 6:00
|Sunday, May 16, 2010:
|| Noon – 6:00
|| 8:00 a.m. – 8:00
On Friday, May 14, 2010, Midwest Bank and Trust Company, Elmwood Park, IL
was closed by the Illinois Department of Financial Professional Regulation
- Division of Banking. The Federal Deposit
was then named Receiver. Subsequent to the closure, FirstMerit Bank, NA,
Akron, OH acquired substantially all the deposits
of Midwest Bank and Trust Company from the FDIC as Receiver for Midwest
Bank and Trust Company. Any claims by equity holders were not acquired.
Share price does not trigger a bank
closing and was not the
for Midwest Bank and Trust Company's failure.
The total balance in your account(s) has been transferred to FirstMerit
Bank, NA and will be available for transactions during
regular business hours at the former Midwest Bank and Trust Company branches.
You may continue to use your same checks, ATM/Debit cards until notified.
All direct deposits, including social security checks, will continue as
1. Account(s): What about my account(s)?
2. ATM/debit card and/or Billpay: What about my ATM/debit card/Billpay account?
3. Brokered Deposits: I am a deposit
broker or have brokered deposits. What do I do?
4. Direct Deposits - Government Deposits: Will my direct deposits continue?
5. Existing Deposits at FirstMerit Bank: Am
I still insured with deposits in both banks?
6. Interest Rates, Early Withdrawal Penalty: Will I
continue to earn interest at my existing rate?
Will there be an early
7. Loans/mortgages: What about my loan or mortgage?
8. Loans in Process: What if I had a loan in process?
9. Media: I represent a media outlet and would like to speak to a representative.
10. Outstanding Checks: What about checks that have not yet cleared my account?
11. Safe Deposit Boxes: What about my safe deposit box?
12. Shareholders: What about my stock?
13. Transaction Types:All Deposit Transfer versus Insured Deposit Transfer?
14. Unpaid Bills: I did some work for the bank and have not been paid. What should I do?
If you had an account with Midwest Bank and Trust Company, you now have an
account with FirstMerit Bank, NA, Akron, OH. All deposit
accounts, which include
checking, savings, money market, CDs and retirement accounts, have been
transferred to FirstMerit Bank NA, regardless of the
dollar amount. No one
lost any money
on deposit in Midwest Bank and Trust Company.
Customers of both banks should continue to use their existing branches until
FirstMerit Bank NA, can fully integrate the deposit records
of Midwest Bank and Trust Company..
To forewarn you of any scams, please be advised that you will not receive
any notification from the FDIC, the Receiver, or FirstMerit Bank, NA
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 Midwest Bank and Trust
Company, FirstMerit Bank, NA, or the FDIC.
Your ATM/debit card will continue to work, and bill paying will work as it has in the past.
As an All-Deposit Transfer transaction, the total of all
deposit accounts, including ALL brokered deposits have
been assumed by FirstMerit Bank NA.
Be advised, however, that from and after the date of closing,
FirstMerit Bank, NA will accrue and pay
interest on deposit liabilities at a rate it shall determine;
accordingly, FirstMerit Bank, NA shall permit
brokered depositors, impacted by reduced rates to withdraw
their deposits without penalty for early withdrawal.
If you are a customer who has a Midwest Bank and Trust Company
deposit through a broker, you must contact your broker
with any questions.
Direct Deposits, including Social Security checks, will continue as normal.
The accounts transferred to FirstMerit Bank, NA 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 on all deposits accrued through Friday, May 14, 2010, will be
paid at your same rate. FirstMerit Bank, NA
will review rates and notify you if interest rates will change.
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 CD or making
a deposit to or a withdrawal from your account.
All mortgages and loans have been assumed by FirstMerit Bank, NA.
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
Midwest Bank and Trust Company and send your payments to the
You should contact your loan officer. All prior contacts remain the same.
Please contact the Office of Public Affairs:
Your checks will clear up to the available balance in your account. You can continue to use your existing checks.
It is business as usual. You can go to your local branch and access your safe deposit box. No action on your part is required because of this transaction.
All shares of Midwest Bank and Trust Company were owned by
its holding company, Midwest Banc Holdings, Inc., Melrose Park,
IL. The holding company was not included in the closing of
the bank or the resulting receivership.
If you are a shareholder of Midwest Banc Holdings, Inc., please
do not contact or file a claim with the Receiver. You may contact
Holdings, Inc. directly for information as follows:
Midwest Banc Holdings, INC
P.O. Box 1547
Melrose Park, IL 60161
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.
All claims against Midwest Bank and Trust Company together with
proof of the claims, must be submitted in writing to the Receiver at the following
FDIC as Receiver for
Midwest Bank and Trust Company
1601 N. Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent