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Michigan's Warren Bank Is 96th To Fail This Year

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Oct 2, 2009 7:22 pm US/Eastern

Michigan's Warren Bank Is 96th To Fail This Year

Timeline: U.S. Credit Crunch & Financial Failures

NEW YORK (AP) ―

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Regulators have shut down Warren Bank in Warren, Mich., the 96th U.S. bank failure this year as loan defaults rise in the worst financial climate in decades.

The Federal Deposit Insurance Corp. took over Warren Bank, with about $538 million in assets and $501 million in deposits as of July 31. The Huntington National Bank, based in Columbus, Ohio, agreed to assume the deposits and some of the assets of the failed bank. Warren Bank branches will reopen Saturday as offices of Huntington National Bank.

The failure of Warren Bank is expected to cost the deposit insurance fund an estimated $275 million.