Bank Failure
Omnibank
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Closed April 9, 1998 · River Rouge, MI · FDIC Cert #14758.
- Closing date
- April 9, 1998
- Headquarters
- River Rouge, MI
- FDIC Certificate
- 14758
- Total assets at closing
- $42.0M
- Total deposits at closing
- $40.5M
- Estimated loss to the insurance fund
- $2.9M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Shorebank, Detroit
Context
On April 9, 1998, regulators closed Omnibank, headquartered in River Rouge, MI. At closing, the institution held approximately $42.0M in assets and $40.5M in deposits. The FDIC record names Shorebank, Detroit as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $2.9M.
By assets at closing this is the 1774th largest of the 3,526 bank failures in the FDIC record, and the 2nd of 3 in 1998. It falls in the period the record labels Consolidation Calm (1996-2007), a period with 50 failures peaking at 11 in 2002.
Riegle-Neal interstate-banking era. Industry consolidated rapidly via merger; failure counts dropped to single digits per year.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Omnibank fail?
Omnibank was closed by regulators on April 9, 1998.
Who acquired Omnibank?
The FDIC record names Shorebank, Detroit as the acquiring institution in the resolution of Omnibank.
How big was Omnibank when it failed?
Omnibank had approximately $42.0M in total assets and $40.5M in deposits at the time of failure.
Other failures in 1998
Explore: all failures · MI bank events · 1998 events · events hub