In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Friday, April 16, 2010

Bank Failure #43: Lakeside Community Bank, Sterling Heights, Michigan

by Calculated Risk on 4/16/2010 05:22:00 PM

East wind torques bamboo
Summer monsoons wreak havoc
Bankers devastate.

by Soylent Green is People

From the FDIC: FDIC Approves The Payout Of The Insured Deposits Of Lakeside Community Bank, Sterling Heights, Michigan
As of December 31, 2009, Lakeside Community Bank had approximately $53.0 million in total assets and $52.3 million in total deposits.
Lakeside Community Bank is the 43rd FDIC-insured institution to fail this year, and the first in Michigan. The last institution closed in the state was Citizens State Bank, New Baltimore, on December 18, 2009. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $11.2 million
A small one to start the day ...