Bank failure · MI

Omnibank (River Rouge, MI) — failed April 9, 1998

Omnibank of River Rouge, Michigan was closed on April 9, 1998 and resolved through a purchase and assumption. Shorebank, Detroit (MI) took over its insured deposits. At failure it held $42.0M in assets and $40.5M in deposits. The FDIC's estimated loss on the failure is $2.9M (6.8% of assets).