FDIC Friday ~ March 30, 2012
Posted: Sat Mar 31, 2012 4:06 pmThe Huntington National Bank, Columbus, Ohio, Assumes All of the Deposits of Fidelity Bank, Dearborn, Michigan
As of December 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 FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $92.8 million. Compared to other alternatives, The Huntington National Bank's acquisition was the least costly resolution for the FDIC's DIF. Fidelity Bank is the 16th FDIC-insured institution to fail in the nation this year, and the first in Michigan. The last FDIC-insured institution closed in the state was Community Central Bank, Mount Clemens, on April 29, 2011.
As of December 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 FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $92.8 million. Compared to other alternatives, The Huntington National Bank's acquisition was the least costly resolution for the FDIC's DIF. Fidelity Bank is the 16th FDIC-insured institution to fail in the nation this year, and the first in Michigan. The last FDIC-insured institution closed in the state was Community Central Bank, Mount Clemens, on April 29, 2011.