Friday, April 30, 2010

Bank Failure #61: CF Bancorp, Port Huron, Michigan

by Calculated Risk on 4/30/2010 06:23:00 PM

Michigan's distress
Autos and banks only hope
Federal bailouts.

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. ...

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.
That makes four today ... "only" $615 million cost ...