Michigan Community Bank Is Shut Down

Posted by Orb Staff on April 02, 2012 No Comments
Categories : Residential Mortgage

11216_closed Michigan Community Bank Is Shut Down Fidelity Bank, based in Dearborn, Mich., has been closed by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with the Huntington National Bank of Columbus, Ohio, to assume all of the deposits of Fidelity Bank.

As of Dec. 31, 2011, Fidelity Bank had approximately $818.2 million in total assets and $747.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, the Huntington National Bank agreed to purchase essentially all of the assets.

The closure of Fidelity Bank marks the 16th bank failure of this year.

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