Reply #3: Got our first bank already. [View All]

On Friday, April 16, 2010, Lakeside Community Bank, Sterling Heights, MI was closed by the Michigan Office of Financial and Insurance Regulation, and the 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.

(snip)

IV. Acquiring Financial Institution
An acquiring institution could not be located; therefore, the FDIC will fulfill its obligation to insured depositors by mailing checks for their insured amounts.


That place must really suck if they couldn't even give it away!