Michigan's Omnibank First Failure of '98

Michigan banking authorities seized the $42 million- asset Omnibank of River Rouge Thursday.

All but one of Omnibank's branches reopened Friday as branches of Shorebank Detroit Corp. To facilitate the deal, the Federal Deposit Insurance Corp. agreed to provide Shorebank with $3.1 million in subsidies.

It was the first bank failure since November.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER