Bank failure · MI

Usm (U.S. Mutual) S&la (Ann Arbor, MI) — failed November 26, 1985

Usm (U.S. Mutual) S&la of Ann Arbor, Michigan was closed on November 26, 1985 and resolved through a payout (deposit payoff). Great Lakes Bancorp (MI) took over its insured deposits. At failure it held $306.1M in assets and $287.0M in deposits. The FDIC's estimated loss on the failure is $31.1M (10.2% of assets).