Bank failure · MI
Peoples State Bank (Hamtramck, MI) — failed February 11, 2011
Peoples State Bank of Hamtramck, Michigan was closed on February 11, 2011 and resolved through a purchase and assumption. First Michigan Bank (MI) took over its insured deposits. At failure it held $390.5M in assets and $389.9M in deposits. The FDIC's estimated loss on the failure is $103.1M (26.4% of assets).
- Closing date
- February 11, 2011
- FDIC certificate #
- 14939
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- First Michigan Bank
- Insurance fund
- DIF
- Pre-failure filings
- Last reported financials
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