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Friday, March 30, 2012

Bank Failure #16 in 2012: Fidelity Bank, Dearborn, Michigan

by Calculated Risk on 3/30/2012 05:10:00 PM

Fidelity flop
Michigan mega morass
Sixteenth sour shop

by Soylent Green is People

From the FDIC: The Huntington National Bank, Columbus, Ohio, Assumes All of the Deposits of Fidelity Bank, Dearborn, Michigan
As of December 31, 2011, Fidelity Bank had approximately $818.2 million in total assets and $747.6 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $92.8 million. ... Fidelity Bank is the 16th FDIC-insured institution to fail in the nation this year, and the first in Michigan.
It is Friday! And I need one ...