The Federal Deposit Insurance Corp said that Warren Bank in Michigan was closed, with Huntington National Bank of Ohio taking over its deposits. It had $538 million in assets and $501 million in deposits.
Jennings State Bank in Minnesota was also shut down, with Central Bank in that state assuming its deposits. It had $56.3 million in assets and $52.4 million in deposits.
The third was Southern Colorado National Bank, with Legacy Bank in the state taking over its deposits. It had $39.5 million in assets and $31.9 million in deposits.
Combined, the three latest failures are expected to cost the FDIC’s insurance fund a total of about $293 million. The FDIC insures accounts up to $250,000, and notes that those deposits are fully protected, despite a negative insurance fund balance. The FDIC said it expects failures to peak in 2009 and 2010, and that industry earnings will recover in 2011.
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