Warren Bank, Warren, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Huntington National Bank, Columbus, Ohio, to assume all of the deposits of Warren Bank.
The six branches of Warren Bank will reopen on Saturday as branches of The Huntington National Bank.
As of July 31, 2009, Warren Bank had total assets of $538 million and total deposits of approximately $501 million.
The Huntington National Bank will pay the FDIC a premium of 0.27 percent to assume all of the deposits of Warren Bank. In addition to assuming all of the deposits of the failed bank, The Huntington National Bank will purchase approximately $83 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $275 million.
Warren Bank is the 96th 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 Michigan Heritage Bank, Farmington Hills, on April 24, 2009.
Read the complete press release at : www.fdic.gov
Check all the failed banks in USA at : Failed Banks List
Check all the failed banks in Michigan at : Failed Banks in Michigan
Tags: 2009 Failed Banks, bank failures, Failed Banks, Failed Banks 2009, Failed Banks in Michigan, Failed Banks October, Failed Banks October 2, FDIC, Friday Failures, Michigan Bank Failures, The Huntington National Bank, Warren Bank
