http://www.fdic.gov/news/news/press/2007/pr07083.html

FDIC Approves the Assumption of the Insured Deposits of Miami Valley Bank, Lakeview, Ohio

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FOR IMMEDIATE RELEASE
October 4, 2007
Media Contact:
David Barr (202) 898-6992
cell: (703) 622-4790
e-mail: dbarr@fdic.gov

The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved the assumption of the insured deposits of Miami Valley Bank, Lakeview, Ohio, by The Citizens Banking Company, Sandusky, Ohio.

Miami Valley, with $86.7 million in total assets and $76 million in total deposits as of October 1, 2007, was closed today by Ohio’s Superintendent of Financial Institutions, and the FDIC was named receiver.

The failed bank’s two offices will reopen tomorrow as branches of The Citizens Banking Company. Depositors of Miami Valley will automatically become depositors of the assuming bank.

The Citizens Banking Company has agreed to assume $62 million of the failed bank’s insured deposits for a two percent premium. At the time of closing, Miami Valley had approximately $14 million in 269 deposit accounts that exceeded the federal deposit insurance limit. While these customers will have access to their insured deposits, they will become creditors of the receivership for the amount of their uninsured funds. The FDIC will retain all of Miami Valley’s assets for later disposition.

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Why would anyone EVER have a balance in excess of the 100k$ FDIC limit?

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