Bank Failure
Main Street Bank
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Closed October 10, 2008 · Northville, MI · FDIC Cert #57654.
- Closing date
- October 10, 2008
- Headquarters
- Northville, MI
- FDIC Certificate
- 57654
- Total assets at closing
- $112.4M
- Total deposits at closing
- $98.9M
- Estimated loss to the insurance fund
- $56.3M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Monroe Bank & Trust
Context
On October 10, 2008, regulators closed Main Street Bank, headquartered in Northville, MI. At closing, the institution held approximately $112.4M in assets and $98.9M in deposits. The FDIC record names Monroe Bank & Trust as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $56.3M.
By assets at closing this is the 1124th largest of the 3,526 bank failures in the FDIC record, and the 19th of 25 in 2008. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Main Street Bank fail?
Main Street Bank was closed by regulators on October 10, 2008.
Who acquired Main Street Bank?
The FDIC record names Monroe Bank & Trust as the acquiring institution in the resolution of Main Street Bank.
How big was Main Street Bank when it failed?
Main Street Bank had approximately $112.4M in total assets and $98.9M in deposits at the time of failure.
Other failures in 2008
| Date | Bank | Assets |
|---|---|---|
| Dec 12, 2008 | Haven Trust Bank | $559.6M |
| Dec 12, 2008 | Sanderson State Bank | $38.2M |
| Dec 5, 2008 | First Georgia Community Bank | $256.4M |
| Nov 21, 2008 | Downey Savings and Loan Association, F.A. | $12.78B |
| Nov 21, 2008 | PFF Bank & Trust | $3.72B |
| Nov 21, 2008 | The Community Bank | $634.9M |
| Nov 7, 2008 | Franklin Bank, SSB | $5.09B |
| Nov 7, 2008 | Security Pacific Bank | $528.0M |
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