Friday, May 14, 2010

Bank Failure #70: New Liberty Bank, Plymouth, Michigan

by Bill McBride on 5/14/2010 06:10:00 PM

New Liberty Bank
Old liberties taken
Asset absconding

by Soylent Green is People

From FDIC: Bank of Ann Arbor, Ann Arbor, Michigan, Assumes All of the Deposits of New Liberty Bank, Plymouth, Michigan
As of March 31, 2010, New Liberty Bank had approximately $109.1 million in total assets and $101.8 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $25.0 million. ... New Liberty Bank is the 70th FDIC-insured institution to fail in the nation this year, and the third in Michigan.
Two down ...