Four Bank Failures In Four States Increase Total Failures To 18

Four banking failures in four different states have increased total banking failures for 2011 to 18.  Small and mid sized banks continue to face the most difficulty as they find it impossible to raise additional capital required by regulators. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks […]

Peoples State Bank, Hamtramck, Michigan, Closed By Regulators

Peoples State Bank, Hamtramck, MI, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the FDIC as receiver.  The FDIC sold the failed bank to First Michigan Bank, Troy, Michigan, which will assume all deposits of Peoples State. The ten branches of Peoples State will reopen as usual on Saturday […]