Bank failure · MI

First of Niles Fs&la (Niles, MI) — failed October 14, 1980

First of Niles Fs&la of Niles, Michigan was closed on October 14, 1980 and resolved through a a/a. Standard Fs&la (MI) took over its insured deposits. At failure it held $131.8M in assets and $120.3M in deposits. The FDIC's estimated loss on the failure is $13.3M (10.1% of assets).