TROY, Mich., April 29, 2011 /PRNewswire/ -- Talmer Bank and Trust announced today that it has assumed substantially all of the deposits and assets of Community Central Bank, a full-service bank with four branches operating in Southeast Michigan. In order to protect depositors, the Michigan Office of Financial and Insurance Regulation closed Community Central Bank and appointed the Federal Deposit Insurance Corporation (“FDIC”) receiver. Subsequently, Talmer Bank and Trust entered into a definitive agreement with the FDIC to assume the deposits and purchase the assets of the failed bank. As of December 31, 2010, Community Central Bank had $476 million in assets and $385 million in deposits.
The former Community Central Bank branch locations will reopen during normal business hours beginning Saturday, April 30, 2011, as Talmer Bank and Trust branches. Community Central Bank depositors will have uninterrupted access to their funds, all of which will continue to be insured by the FDIC up to the maximum limit. Community Central Bank customers should continue to bank as usual.
“Our top priority is to assure all customers that their deposits remain safe and readily available to them. We are excited to bring Community Central Bank’s customers and employees into our banking family,” said David T. Provost, chairman, president, and chief executive officer of Talmer Bank and Trust. “Our mission as a community bank is to provide our customers and communities with highly personalized, localized service and enhanced products so that they, in turn, can achieve their financial goals.”
“Community Central Bank customers should know that it will be business as usual for them,” Provost continued. “Banking hours will remain the same. They will handle their banking business at their existing banking offices with the same friendly, local employees that they have come to know. They can rest assured that their deposits remain insured up to the maximum amount allowed under the law by the FDIC. In the days and weeks ahead, we will communicate additional details regarding the transition to all of our stakeholders, and we will work hard to make certain the transition is as seamless as possible for our customers.”
Talmer Bank and Trust is a multi-state Midwestern community bank that is committed to serving its customers in a personal manner and fulfilling a mission of community service in the markets in which it operates. The name is derived from the surnames of the grandfathers of two of the bank's principals---one a missionary in Asia and the other a prominent lawyer and author who served and helped the underprivileged. These two remarkable humanitarians shared a common purpose---enriching the lives of their communities. More information can be found on the Bank’s website at www.talmerbank.com.
Customers who have questions about today's transaction can call the FDIC toll-free at (800) 894-6992 The phone number will be operational this evening until 9:00 p.m.; on Saturday, April 30, from 9:00 a.m. to 6:00 p.m.; on Sunday, May 1, from noon to 6:00 p.m.; and thereafter from 8:00 a.m. to 8:00 p.m. Interested parties can also visit the FDIC's website at http://www.fdic.gov/bank/individual/failed/communitycentral.html
About Talmer Bank and Trust
Talmer Bank and Trust is a locally-operated financial institution that provides highly personalized financial services to individuals, professionals and their businesses with 51 locations in Michigan and Wisconsin. Long-term relationships are developed with clients by providing customized banking and investment solutions ideally suited to their evolving financial needs. Please visit our website at www.talmerbank.com for additional information.
SOURCE Talmer Bank and Trust