Bank failure · MI

New Century Bank (Shelby Township, MI) — failed March 28, 2002

New Century Bank of Shelby Township, Michigan was closed on March 28, 2002 and resolved through a payout (deposit payoff). 0 (0) took over its insured deposits. At failure it held $21.1M in assets and $18.9M in deposits. The FDIC's estimated loss on the failure is $4.4M (21.1% of assets).