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Regulators closed Fidelity Bank in Dearborn, Mich., at a cost of about $93 million to the Deposit Insurance Fund.
March 30
The pace of bank failures will slow considerably this year as the industry continues to recover from the real estate bust, according to the acting head of the Federal Deposit Insurance Corp.
Sixteen banks
Gruenberg's remarks were first reported by Reuters.
The banking industry is coming off its most profitable year since 2006 and total loan portfolios grew in each quarter in 2011, according to the FDIC. Meanwhile, the number of problem banks continues to shrink. At Dec. 31, 813 banks and thrifts were on the FDIC's "watch list", compared to 844 three months earlier.
