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FDIC taps Huntington Bank to take over small Michigan FI
October 4, 2009
Business First of Columbus reports that Michigan-based Warren Bank, $400 million in assets, has been taken over by Huntington Bancshares Inc., $51 billion in assets, after federal regulators ordered the bank be shut down.
The small Michigan bank has about 8,000 customers and was closed on Friday by the Michigan Office of Financial and Insurance Regulation and Federal Deposit Insurance Corp. The FDIC was named receiver, turning over deposits but no loans. Huntington has an option to buy any of Warren's six branches, according to the deal.
The Warren acquisition is expected to increase Huntington's deposits by 14 percent.
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