by Calculated Risk on 4/30/2010 06:23:00 PM
Friday, April 30, 2010
Autos and banks only hope
by Soylent Green is People
From the FDIC: First Michigan Bank, Troy, Michgan, Assumes All of the Deposits of CF Bancorp, Port Huron, Michigan
CF Bancorp, Port Huron, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...That makes four today ... "only" $615 million cost ...
As of December 31, 2009, CF Bancorp had approximately $1.65 billion in total assets and $1.43 billion in total deposits....
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $615.3 million. ... CF Bancorp is the 61st 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 Lakeside Community Bank, Sterling Heights, on April 16, 2010.
Posted by Calculated Risk on 4/30/2010 06:23:00 PM