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Central Bank - The RiverBank Merger FAQs
(Updated November 14, 2011)
I heard the Wyoming banch is closing, how does this affect me?
The Central Bank branch located at 26777 Fallbrook Ave, Wyoming, MN will be permanently closed for business at noon on Saturday, December 10, 2011.
Please be assured, every one of your accounts remains safe, secure and accessible and you may continue to use your existing checks, loan coupons, and debit cards. There will be no change to your telephone and online banking service. You may direct your banking transactions to any of the following nearby convenient Central Bank locations beginning Monday, December 12, 2011:
Chisago City Branch
11151 Lake Boulevard
Chisago City, MN 55013
651-257-6561
Forest Lake Branch
1650 South Lake Street
Forest Lake, MN 55025
651-464-2880
Center City Branch
300 Andrews Avenue
Center City, MN 55012
651-257-1096
After our merger is complete you may use any of our 19 convenient Central Bank locations. Please know that we are dedicated to making this transition as seamless as possible and will keep you informed as more information becomes available on the merger of The RiverBank to Central Bank. Visit www.centralbnk.com for updates on the upcoming merger and for more information regarding our locations and business hours. If you have any questions, please call our Wyoming branch at 651-408-9203 or Jack Alberg, Forest Lake Market President at 651-464-2880.
When the Wyoming branch closes, what will happen to my Safe Deposit Box?
The Central Bank branch located at 26777 Fallbrook Ave, Wyoming, MN will be permanently closed for business at noon on Saturday, December 10, 2011.
All safe deposit boxes will be securely transported from the Wyoming, MN location to our Forest Lake location at 1650 South Lake Street, Forest Lake, MN on December 12, 2011. The company that will be moving these safe deposit boxes is Wienke Banc Installations, Inc.
If you are concerned about the contents of your safe deposit box being moved, you are welcome to come prior to the transport of your box and remove the contents. Subsequently, you may return the contents to your safe deposit box at Forest Lake during lobby hours (8:30 am to 5:00 pm) on Monday, December 12, 2011. If you have any questions please call our Wyoming branch at 651-408-9203 or Jack Alberg, Forest Lake Market President at 651-464-2880.
Surcharge Free ATM Withdrawals at Central Bank ATMs
Former Debit / ATM Card customers of The RiverBank may now use the following Central Bank ATMs surcharge free: Newport, S. St. Paul, Mpls. Lowry Hill, Golden Valley, St. Michael, Elk River, Coon Rapids, Center City, Forest Lake, Centerville, White Bear Lake, Stillwater & Hudson. The $1.00 service charge will still apply until the merger is complete.
Surcharge Free ATM Withdrawals at Even More Locations
By mid November, former Debit / ATM Card customers of The RiverBank may use this link to find additional surcharge free ATMs. The $1.00 service charge will still apply until the merger is complete.
(Updated October 31, 2011)
Check Cashing at Central Bank
Former customers of The RiverBank may now cash checks at Central Bank locations and Central Bank customers may now cash checks at former locations of The RiverBank. Please continue to make deposits and cash 3rd party checks at your local banking office as you normally would.
(Updated October 10, 2011)
On October 7, 2011, Central Bank officially purchased all of the deposit and most of the loan accounts of The RiverBank from the FDIC as receiver for The RiverBank.
Please know that we are dedicated to making this transition as seamless as possible. We will keep you informed as more information becomes available on the conversion from The RiverBank to Central Bank.
What does this change mean for customers of The RiverBank?
If you bank with The RiverBank, there are no immediate changes in your day-to-day dealings with the bank. Please continue to bank as usual.
Is the money I had at The RiverBank still safe and available to me? Yes. You can access every penny. Deposits were assumed by Central Bank with no losses to any depositor.
Are my Central Bank deposits insured by the FDIC?
Yes. Your deposits at Central Bank are insured by the FDIC, and each depositor is insured to at least $250,000, as established by law.
What if I have accounts at The RiverBank and Central Bank that exceed the $250,000 FDIC Insurance limit?
As of Friday, October 7, 2011, The RiverBank became Central Bank and no longer operates as a separate institution. For those customers who have deposits at both institutions, there is a six-month grace period during which your deposits at each institution will remain separately insured (until April 2011). This grace period allows customers the opportunity to restructure their accounts to maximize insurance coverage, if necessary. After the six-month grace period, accounts will be aggregated toward the insurance coverage limits.
Can I use my existing checks, debit card, and loan coupons?
You may continue to use your existing checks, debit card and loan coupons. The new logo and name will be available on your next check order and/or your new debit card.
What Central Bank offices can I use?
Until the merger is complete, all former customers of The RiverBank should use the following locations and ATMs: Osceola, St. Croix Falls, MarketPlace, North Hudson, Chisago, and Wyoming.
Will the interest rate on my Certificate of Deposit change?
All interest accrued through Friday, October 7, 2011, will be paid at your same rate. All Certificate of Deposit rates will remain the same until the maturity date.
May I withdraw funds from my Certificate of Deposit?
Certificate of Deposit customers may withdraw funds from any transferred account without an early withdrawal penalty until a new agreement is entered with Central Bank as long as the deposits are not pledged as collateral for loans.
Will my direct deposit(s) and /or automatic withdrawal(s) change?Your direct deposit(s) and/or automatic withdrawal(s) will be transferred to Central Bank. Your account number and routing number remain the same until the conversion is complete.
Will I have access to Online Banking / Online Bill Pay / Telebank?Your access to Online Banking / Online Bill Pay / Telebank has not changed. Please use www.centralbnk.com, choose The RiverBank customers click here.
Will my fees or rates change?
If in the future we find it necessary to make any changes to your fees or rates, you will receive this information in advance of the change.
What action do I need to take to claim ownership of my deposits?
A complete description of how to claim ownership of your deposit accounts is found in the FDIC Notice To Depositors.
