Michigan

In an interview during the ABA's annual meeting in Chicago late last month, Johnson said that after a decade's worth of job losses in Michigan, his intent as chairman is to advocate for the kind of political change that will help jump-start the economy.

Despite posting its fifth consecutive quarterly loss, and its biggest one yet by far, Flagstar Bancorp Inc.'s new chairman and chief executive insisted the company could be a potential acquirer once it raises more capital.

Despite raising capital three times in the last 12 months, Macatawa Bank Corp. in Holland, Mich., needs more capital because of mounting losses.

Citizens Republic Bancorp in Michigan is finding that capital counts for a lot. The company lost $853.4 million in the past year and a half, including $56.9 million in the third quarter.

As other banking companies ready third-quarter results, at least two are being forced by regulators to restate their second-quarter figures, with serious consequences.

State and federal regulators shut three banks late Friday — $538 million-asset Warren Bank in Michigan, $56.3 million-asset Jennings State Bank of Spring Grove, Minnesota and $39.5 million-asset Southern Colorado National Bank in Pueblo — bringing this year's failure total to 98.

State and federal regulators shut three banks late Friday — $538 million-asset Warren Bank in Michigan, $56.3 million-asset Jennings State Bank of Spring Grove, Minnesota and $39.5 million-asset Southern Colorado National Bank in Pueblo — bringing this year's failure total to 98.

As the new president and chief executive of Flagstar Bancorp Inc., Joseph P. Campanelli has a lot of work to do, but he has been in challenging situations before.

The Federal Reserve Board ordered Michigan's troubled Warren Bank to quickly boost capital or find a buyer.

Nonperforming assets continued to rise at an already stressed Citizens Republic Bancorp of Flint, Mich., in the second quarter, as the Michigan economy deteriorated further.

Capitol Bancorp Ltd. has spent years expanding into growth markets to offset the sputtering Michigan economy. But now Capitol, sputtering itself, is practically dumping its home state.

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