95th ranked Fidelity Bank of
Dearborn, Michigan, was closed today by the Michigan Office of Financial
and Insurance Regulation. The Huntington
National Bank of Columbus, Ohio, agreed to assume the approximately $818.2
million in total assets and $747.6 million in total deposits. Huntington is a relatively weak bank itself. It ranks 468th worst on the current list. This is the second failed bank purchase for the bank having previously acquired Warren Bank of Warren, Michigan in October, 2009. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF)
will be $92.8 million.
Sunday, April 1, 2012
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