Bank failure · MI

First Dearborn (Dearborn, MI) — failed December 16, 1988

First Dearborn of Dearborn, Michigan was closed on December 16, 1988 and resolved through a a/a. First Nationwide Bank a FSB (CA) took over its insured deposits. At failure it held $167.3M in assets and $230.5M in deposits. The FDIC's estimated loss on the failure is $78.7M (47.1% of assets).