Reuters: Regulatory News: State regulator closes Michigan bank

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

State regulator closes Michigan bank Mar 31st 2012, 00:06 WASHINGTON, March 30 | Fri Mar 30, 2012 8:06pm EDT WASHINGTON, March 30 (Reuters) - A state regulator on Friday closed one bank in Michigan, bringing the total number of bank failures this year to 16. The Federal Deposit Insurance Corporation, which was appointed receiver, said Fidelity Bank of Dearborn, Michigan, was closed on Friday. The bank's 15 branches will reopen Saturday as part of the Huntington National Bank, Columbus, Ohio. Fidelity Bank had about $818.2 million in total assets and $747.6 million in total deposits. The pace of bank failures has slowed as the economy and the financial industry recover from the 2007-2009 financial crisis. Most recent closures have been smaller banks, particularly those with less than $1 billion in assets. In 2010 157 banks with $92.1 billion in total assets failed while 92 institutions with $34.9 billion in total assets were closed in 2011.

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