Michigan Bank Fails, Along With 4 Others

By: Associated Press
By: Associated Press

WASHINGTON (AP) -- Federal regulators have shut down a total of five banks in Florida, Georgia and Michigan, lifting the number of U.S. bank failures this year to 39.

That follows 157 bank closures in 2010 as millions of mortgages went into default for non-payment.

The Federal Deposit Insurance Corporation on Friday seized Community Central Bank of Mount Clemens, Michigan, with $476.3 million in assets. The FDIC is offering affected deposit holders information on its web site.

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