#39

Talmer Bank & Trust, Troy, Michigan, Assumes All of the Deposits of Community Central Bank, Mount Clemens, Michigan

FOR IMMEDIATE RELEASE
April 29, 2011
Media Contact:
LaJuan Williams-Young
(202) 898-3876
Email: Lwilliams-young@fdic.gov

Community Central Bank, Mount Clemens, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Talmer Bank & Trust, Troy, Michigan, formerly known as First Michigan Bank, to assume all of the deposits of Community Central Bank.

The four branches of Community Central Bank will reopen on Saturday as branches of Talmer Bank & Trust. Depositors of Community Central Bank will automatically become depositors of Talmer Bank & Trust. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Community Central Bank should continue to use their existing branch until they receive notice from Talmer Bank & Trust that it has completed systems changes to allow other Talmer Bank & Trust branches to process their accounts as well.

This evening and over the weekend, depositors of Community Central Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2010, Community Central Bank had approximately $476.3 million in total assets and $385.4 million in total deposits. Talmer Bank & Trust will pay the FDIC a premium of 0.25 percent to assume all of the deposits of Community Central Bank. In addition to assuming all of the deposits of the failed bank, Talmer Bank & Trust agreed to purchase essentially all of the assets.

The FDIC and Talmer Bank & Trust entered into a loss-share transaction on $362.4 million of Community Central Bank's assets. Talmer Bank & Trust will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-894-6992. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/communitycentral.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $183.2 million. Compared to other alternatives, Talmer Bank & Trust's acquisition was the least costly resolution for the FDIC's DIF. Community Central Bank is the 39th FDIC-insured institution to fail in the nation this year, and the second in Michigan. The last FDIC-insured institution closed in the state was Peoples State Bank, Hamtramck, on February 11, 2011.