U.S. closes small Michigan, Florida banks
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U.S. banking authorities closed two small banks in Michigan and Florida on Friday, bringing the total number of bank failures in 2011 to 16.
The Federal Deposit Insurance Corporation (FDIC) announced the following closures on Friday:
* Peoples State Bank, based in Hamtramck, Michigan, with 10 branches, was closed. Its deposits were assumed by First Michigan Bank. As of Dec. 31, Peoples State Bank had some $390.5 million in assets and $389.9 million in deposits.
* Sunshine State Community Bank of Port Orange, Florida, was closed. Its five branches will reopen as Premier American Bank. As of Dec. 31, Sunshine State Community Bank had some $125.5 million in assets and $116.7 million in deposits.
In 2010, 157 banks failed while 140 failed in 2009. The bulk of the failures have increasingly been smaller institutions, those with less than $1 billion in assets, as large banks have recovered more quickly from the 2007-2009 financial crisis.
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