The over/under is 4. FDIC Friday Night Fright gets a late start – no east coast closures.

Warren Bank, Warren, Michigan, was closed Friday October 02, 2009 by the Michigan Office of Financial and Insurance Regulation, which appointed the FDIC as receiver. The Huntington National Bank, Columbus, Ohio will assume all of the deposits of Warren Bank.

Warren Bank had total assets of $538 million and total deposits of approximately $501 million. Warren Bank had six branches. The Huntington National Bank will pay the FDIC a premium of 0.27 percent to assume all of the deposits of Warren Bank. In addition to assuming all of the deposits of the failed bank, The Huntington National Bank will purchase approximately $83 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $275 million.

Warren Bank is the 96th FDIC-insured bank failure in the nation this year, and the second in Michigan.

Cert #34824

Sinclair Noe

Bank-o-meter.com

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