WASHINGTON — Federal regulators closed a bank in Michigan on Friday, bringing to 16 the number of U.S. banks that have failed so far this year.
The FDIC said it shuttered Fidelity Bank based in Dearborn. The bank, with 15 branches, had about $818.2 million in assets and $747.6 million in deposits as of Dec. 31.
The Huntington National Bank of Columbus, Ohio, agreed to assume Fidelity Bank’s deposits and buy essentially all of its assets.
The FDIC estimates that Fidelity Bank’s failure will cost the insurance fund $92.8 million. Fidelity Bank is the first FDIC-insured institution in Michigan to fail this year.
Business, Pages 29 on 03/31/2012