Michigan's Main Street Bank Fails, 14th Bank Closed in 2008 (actually now the 15th)
Source: Bloomberg
Oct. 10 (Bloomberg) -- Main Street Bank, of Northville, Michigan, was closed by regulators today, the 14th to fail this year, as tightening credit and a deepening housing slump accelerates government action to shore up confidence in financial institutions.
Main Street, with $98 million in assets and $86 million in deposits as of Oct. 7, was shut by the Michigan Office of Financial and Insurance Regulation, and the Federal Deposit Insurance Corp. was named receiver. Monroe Bank & Trust, of Monroe, Michigan, is acquiring the deposits of Main Street. The failed bank's two offices will open tomorrow as branches of Monroe Bank & Trust, the FDIC said. LinkHere
Oct. 10 (Bloomberg) -- Main Street Bank, of Northville, Michigan, was closed by regulators today, the 14th to fail this year, as tightening credit and a deepening housing slump accelerates government action to shore up confidence in financial institutions.
Main Street, with $98 million in assets and $86 million in deposits as of Oct. 7, was shut by the Michigan Office of Financial and Insurance Regulation, and the Federal Deposit Insurance Corp. was named receiver. Monroe Bank & Trust, of Monroe, Michigan, is acquiring the deposits of Main Street. The failed bank's two offices will open tomorrow as branches of Monroe Bank & Trust, the FDIC said. LinkHere
posted by Kangaroo Brisbane Australia at 11:50 PM
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