Bank Failure
Paramount Bank
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Closed December 10, 2010 · Farmington Hills, MI · FDIC Cert #34673.
- Closing date
- December 10, 2010
- Headquarters
- Farmington Hills, MI
- FDIC Certificate
- 34673
- Total assets at closing
- $252.7M
- Total deposits at closing
- $213.6M
- Estimated loss to the insurance fund
- $68.6M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Level One Bank
Context
On December 10, 2010, regulators closed Paramount Bank, headquartered in Farmington Hills, MI. At closing, the institution held approximately $252.7M in assets and $213.6M in deposits. The FDIC record names Level One Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $68.6M.
By assets at closing this is the 638th largest of the 3,526 bank failures in the FDIC record, and the 76th of 157 in 2010. 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 Paramount Bank fail?
Paramount Bank was closed by regulators on December 10, 2010.
Who acquired Paramount Bank?
The FDIC record names Level One Bank as the acquiring institution in the resolution of Paramount Bank.
How big was Paramount Bank when it failed?
Paramount Bank had approximately $252.7M in total assets and $213.6M in deposits at the time of failure.
Other failures in 2010
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2010 | The Bank of Miami | $448.1M |
| Dec 17, 2010 | Chestatee State Bank | $244.4M |
| Dec 17, 2010 | United Americas Bank | $242.3M |
| Dec 17, 2010 | First Southern Bank | $191.8M |
| Dec 17, 2010 | Appalacian Community Bank, F.S.B. | $68.2M |
| Dec 17, 2010 | Community National Bank | $31.6M |
| Dec 10, 2010 | Earthstar Bank | $112.6M |
| Nov 19, 2010 | First Banking Center | $750.7M |
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