WASHINGTON - Regulators closed Fidelity Bank in Dearborn, Mich., at a cost of about $93 million to the Deposit Insurance Fund.
The failure of the $818 million-asset bank late Friday was the nation's 16th closure this year, but the first in Michigan.
The Federal Deposit Insurance Corp. sold all of Fidelity's roughly $748 million in deposits to The Huntington National Bank in Columbus, Ohio. The acquirer also agreed to take essentially all of the failed bank's assets.
Fidelity's 15 branches will reopen Saturday as part of The Huntington National Bank.