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Michigan Bank Closes, Raising Tally to 16

State regulators closed Fidelity Bank of Dearborn, Michigan over the weekend, the first bank in Michigan to fail and the 16th in the nation to go dark.

""Huntington National Bank"":https://www.huntington.com/ of Columbus, Ohio will acquire the $818.2 million in deposits and purchase the $747.6 million in assets of the failed bank.

The 15 branches of Fidelity reopened Saturday as Huntington National.

The estimated cost to FDIC's insurance fund is $92.8 million. Last year, regulators closed 92 FDIC-insured banks, compared to 157 closings in 2010.

About Author: Esther Cho


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