Bank Failure
Michigan Heritage Bank
Closed April 24, 2009 · Farmington Hills, MI · FDIC Cert #34369.
- Closing date
- April 24, 2009
- Headquarters
- Farmington Hills, MI
- FDIC Certificate
- 34369
- Total assets at closing
- $167.7M
- Total deposits at closing
- $149.1M
- Estimated loss to DIF
- $48.6M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Level One Bank
Context
On April 24, 2009, regulators closed Michigan Heritage Bank, headquartered in Farmington Hills, MI. At closing, the institution held approximately $167.7M in assets and $149.1M in deposits. The FDIC arranged a resolution under which Level One Bank acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $48.6M.
By assets at closing this is the 869th largest of the 3,524 bank failures in the FDIC record, and the 92nd of 140 in 2009. 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 Michigan Heritage Bank fail?
Michigan Heritage Bank was closed by regulators on April 24, 2009.
Who acquired Michigan Heritage Bank?
Level One Bank acquired the failed bank's deposits and operations on April 24, 2009 under an FDIC-brokered resolution.
How big was Michigan Heritage Bank when it failed?
Michigan Heritage Bank had approximately $167.7M in total assets and $149.1M in deposits at the time of failure.
Other failures in 2009
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 2009 | First Federal Bank of California, a Federal Savings Bank | $6.14B |
| Dec 18, 2009 | Imperial Capital Bank | $4.05B |
| Dec 18, 2009 | Peoples First Community Bank | $1.80B |
| Dec 18, 2009 | New South Federal Savings Bank | $1.46B |
| Dec 18, 2009 | Independent Bankers' Bank | $585.5M |
| Dec 18, 2009 | Rockbridge Commercial Bank | $294.0M |
| Dec 18, 2009 | Citizens State Bank | $168.6M |
| Dec 11, 2009 | Solutionsbank | $511.1M |
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