FIs closed: Community Central Bank, Mount Clemens, Michigan , USA
On Friday, 29 April, 2011, Community Central Bank, Mount Clemens, Michigan , USA was closed by the Michigan Office of Financial and Insurance Regulation and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Talmer Bank & Trust, Troy, Michigan, formerly known as First Michigan Bank, to assume all of the deposits of Community Central Bank.
The four branches of Community Central Bank reopened on Saturday as branches of Talmer Bank & Trust.
As of 31 December, 2010, Community Central Bank had approximately USD476.3 million in total assets and USD385.4 million in total deposits.
Talmer Bank & Trust will pay the FDIC a premium of 0.25 percent to assume all of the deposits of Community Central Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD183.2 million.
Central Bank is the 39th FDIC-insured institution to fail in the USA this year.
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