Information for Main Street Bank, Northville, MI
- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Purchase and Assumption Agreement (2.16 MB PDF File - PDF Help)
- Receivership Termination
I. Introduction
On October 10, 2008, Main Street Bank, Northville, Michigan was closed by the Michigan Office of Financial & Insurance Services and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information which should answer many of your questions.
II. Press Release
The FDIC has issued a press release (PR-98-2008) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact LaJuan Williams-Young at 202-898-3876 or David Barr at 202-898-6992.
III. Acquiring Financial Institution
All deposit accounts have been transferred to Monroe Bank & Trust, Monroe, Michigan ("assuming institution") and will be available immediately. On Saturday, the former Main Street Bank locations will reopen as branches of Monroe Bank & Trust.
Your transferred deposits will be separately insured from any accounts you may already have at Monroe Bank & Trust for six months after the failure of Main Street Bank. Checks that were drawn on Main Street Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative regarding deposit insurance by calling 1-866-934-8944.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
EDIE - FDIC's Electronic Deposit Insurance Estimator
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Monroe Bank & Trust as long as the deposits are not pledged as collateral for loans. You may view more information about Monroe Bank & Trust by visiting their web site.
IV. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
V. Dividend Information
Dividend History on Main Street Bank
Dividend Information on Failed Financial Institutions
VII. Receivership Termination
The FDIC as Receiver for Main Street Bank has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership on February 17, 2013.
The Receiver has made all dividend distributions required by law.
Effective August 1, 2013, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.