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Question and Answer Guide

AmTrust Bank, Cleveland, OH

FDIC Call Center
Toll free number 1-800-450-5143
Hours of Operation – Eastern Time
Friday, December 4, 2009: Until 11:00 p.m.
Saturday, December 5, 2009: 9:00 a.m. – 6:00 p.m.
Sunday, December 6, 2009: Noon – 6:00 p.m.
Thereafter: 8:00 a.m. – 8:00 p.m.

On December 4, 2009, AmTrust Bank, Cleveland, OH, was closed by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, New York Community Bank, Westbury, NY acquired substantially all the deposits and assets of AmTrust Bank from the FDIC as Receiver for AmTrust Bank. Any claims by equity holders were not acquired.

The total balance in your account(s) has been transferred to New York Community Bank and will be available for transaction during regular business hours at the former AmTrust Bank branches starting on Saturday, December 5, 2009.

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.


Account(s): What about my account with AmTrust Bank?

If you had an account with AmTrust Bank, you now have an account with New York Community Bank, Westbury, NY. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts, have been transferred to New York Community Bank, regardless of the dollar amount. No one lost any money on deposit in AmTrust Bank.

Customers of both banks should continue to use their existing branches until New York Community Bank can fully integrate the deposit records of AmTrust Bank.

To forewarn you of any scams, please be advised that you will not receive any e-mail notification from the FDIC, the Receiver, or New York Community Bank to claim/unlock/unsuspend your account or to provide any private information. Please be watchful for and resist any such scams to obtain information from you by individuals or entities purporting to act on behalf of AmTrust Bank or the FDIC.

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ATM/debit cards and/or Billpay: What about my ATM/debit card and/or bill paying with AmTrust Bank?

Your ATM/debit card will continue to work, and bill paying will work as it has in the past.

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Brokered Deposits: I am a deposit broker or I have brokered deposits. What do I need to do?

As an All-Deposit Transfer transaction, the total of all deposit accounts, including the brokered deposits have been assumed by New York Community Bank.

Be advised, however, that from and after the date of closing, New York Community Bank will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, New York Community 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 an AmTrust Bank deposit through a broker, you must contact your broker with any questions.

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Direct Deposits - Government Deposits: What will happen to my direct deposits?

Direct Deposits, including Social Security checks, will continue as normal.

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Existing Deposits at New York 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 New York 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.

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 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.

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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, December 4, 2009, will be paid at your same rate. New York Community Bank 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.

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Lender and Contact names: Who is my lender and has my loan contact changed?

Most loans have been assumed by New York Community Bank. However, all nonperforming single family residential loans, acquisition development and construction loans, and land loans are currently owned by the FDIC and are being serviced by all of the same personnel with whom you have worked in the past. All prior contacts remain the same for all loans.

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Payments: How and where do I make my payments?

You should continue to make your payments as agreed. Make checks payable to AmTrust Bank and utilize the same payment address information. You may continue to make your payments at the branch or by phone via check or credit card.

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Automatic Payments: Will my automatic payment still occur on its assigned date?

You should experience no disruption in this service. We encourage you to check your bank account the day after your scheduled draft to verify the transaction. If the transaction did not occur, please notify your loan officer to research your loan.

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Construction Loan Draws: Will construction draws continue? Will my project be completed?

Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer.

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Construction Loan Voucher Control: Will my subcontractors be paid as before?

Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer.

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Escrows: Will you continue to pay my escrows?

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, please notify your loan officer immediately.

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Fees: Are there any changes to fees or charges due to this event?

No. The current fee structure will remain the same.

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Foreclosures: Will the FDIC continue foreclosures in process?

At this point, all foreclosure actions have been suspended in order to properly evaluate the loans and the borrowers' ability to repay. It is our intention to sell all loans, and it will be up to the new owner to determine the best method of collection on the loan. There may be instances where FDIC will continue with the foreclosure process, but this will be done on a case-by-case basis.

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What Happen Now: What will happen to my loan? Will my loan be sold?

Loans retained by the FDIC are currently being reviewed independently to determine the best action for that individual loan. Your loan may be sold at a future date. If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer may be, you have the right to independently refinance your loan with another lender.

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Line of Credit Advances – Home Equity: Can I continue to obtain advances on my line of credit?

All lines of credit, including Home Equity Lines of Credit (HELOCs), that were nonperforming or past due have been retained by the FDIC and these accounts have been suspended at this time. All performing HELOCs were purchased by New York Community Bank. Please contact New York Community Bank at any former AmTrust Bank office if you have a question about your line of credit or HELOC.

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Loan in Process: I have a loan currently in process. How is my loan impacted?

Please contact your loan officer directly.

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Loan Sweeps: Will my loan sweep be discontinued?

This will be determined on a case-by-case basis. Please contact your loan officer.

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Overdraft Line of Credit: Will my overdraft line of credit continue to cover my overdrafts?

Yes. These lines have been transferred to New York Community Bank. Please contact New York Community Bank at any former AmTrust Bank branch office if you have additional questions regarding your accounts.

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Pre-payment Penalty: If I refinance with another lender, will my pre-payment penalty be waived?

Any pre-payment penalty will be waived as long as FDIC as Receiver for AmTrust Bank has control of the asset, and the borrower obtains refinancing of the outstanding balance on the account with another financial institution.

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SBA Application in Process: What will happen to my SBA loan application in process?

The FDIC as Receiver for AmTrust Bank will not be originating any new loans.

If your loan has been approved by the SBA, but is not yet funded, please contact your loan officer. You will be directed to the proper SBA contact to help you locate another approved lender.

If your loan is in process, but is not yet approved by the SBA, we will release your SBA package on file with us to you. You will need to apply with another SBA-approved lender. Please contact your loan officer to make arrangements to retrieve your application from the bank.

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Offers to Purchase Other Real Estate: I was in the process of negotiating the purchase of real property held by AmTrust Bank. Will my offer still be considered?

The FDIC will review offers made to purchase real property from the former AmTrust Bank and will respond to the offers as soon as possible. The review process includes ordering a new appraisal, which could take up to 60 days or more.

The FDIC as Receiver has hired CB Richard Ellis (CBRE) to handle the management and disposition of real property acquired from the institution. If you have questions regarding the status of your offer please feel free to contact CBRE directly. Below is the contact information for CBRE:

Angie Miller
CB Richard Ellis / Global Corporate Services
FDIC Account
2001 Ross Avenue, Suite 3300
Dallas, TX 75201
1-866-260-8505; 1-214-863-3084

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Media: I represent a TV/Newspaper/Radio and would like some information.

Please contact the Office of Public Affairs:

David Barr

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Outstanding Checks: What about checks that I have written on my account with AmTrust Bank?

Your checks will clear up to the available balance in your account. You can continue to use your existing checks.

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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.

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Shareholders: What about my shares of stock?

All shares of AmTrust Bank were owned by its holding company, AmTrust Financial Corporation, Cleveland, OH. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of AmTrust Financial Corporation, please do not contact or file a claim with the Receiver. You may contact AmTrust Financial Corporation directly for information as follows:

AmTrust Financial Corporation
1801 East Ninth Street, Suite 200
Cleveland, OH 44114

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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 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.

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Unpaid Bills: I did some work for the bank and have not been paid. What should I do?

All claims against AmTrust Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address:

Federal Deposit Insurance Corporation
Receiver:  AmTrust Bank
1601 Bryan Street
Dallas, TX  75201-3430
Attention: Claims Agent

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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 personal 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:

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