Regulators sell assets of Fidelity Bank to The Huntington National Bank
Fidelity Bank — which operated two branches in Washtenaw County — will reopen Saturday under The Huntington National Bank.
The FDIC announced the move Friday afternoon, after being appointed receiver of the Dearborn-based bank earlier that day.
Huntington, based in Columbus, Ohio, acquired all of the deposits and "essentially all of the assets," according to a news release.
As of December 31, 2011, Fidelity Bank reported $818.2 million in total assets and $747.6 million in total deposits.
Fidelity was owned by Dearborn Bancorp Inc., which also operated 13 other branches in Metro Detroit.
The Washtenaw County locations are on East Eisenhower in Ann Arbor and on Michigan Avenue in Saline.
The bank has been troubled for some time, according to reports.
It formerly operated a branch on West Stadium, which it closed in 2009.
Fidelity had about $57 million on deposit in Washtenaw County in 2011, giving it a number 16 ranking out of 19 banks operating in the county, based on market share data from the FDIC.
Regulators say customers of Fidelity Bank should continue to use their current branch location until they receive notice from The Huntington National Bank that it has completed systems changes to allow other Huntington branches to process their accounts as well, according to a news release.
Checks drawn on Fidelity Bank will continue to be processed. Loan customers should continue to make their payments as usual.
Read the order appointing the FDIC as receiver for Fidelity Bank.
Comments
Stephen Lange Ranzini
Sat, Mar 31, 2012 : 6:37 p.m.
I apologize. It is much harder to find a link that works that you can refer someone to than usual due to the technology the FDIC uses. To access the deposit market share data Paula references above the closest page is here: http://www2.fdic.gov/sod/index.asp Then click on the link "Deposit Market Share" tab at the top of the page. Then on the page that comes up, change the "Geographic Area" box to "Metropolitan Statistical Area" and hit the "Submit" button. Then on the page that comes up, change the "Metropolitan Statistical Area" drop down box to "Ann Arbor, MI" and click on the "Continue" button below.
Stephen Lange Ranzini
Sat, Mar 31, 2012 : 12:56 p.m.
Sorry, that link won't work either due to the technology the FDIC uses. The best link that can provided is to here: http://www2.fdic.gov/sod/sodMarketBank2.asp Then change the MSA in the drop down box to just Ann Arbor and hit the submit button.
Stephen Lange Ranzini
Sat, Mar 31, 2012 : 11:32 a.m.
This is big news to those of us in the banking industry, so I am surprised this article wasn't included in the daily update email. The link to the Ann Arbor area deposit market share data in the article above is incorrect. The correct link is: http://www2.fdic.gov/sod/sodInstBranchRpt.asp?barItem=1&sZipCode= It's very sad to lose a community bank, and this will be a real loss to Dearborn and the other communities this bank served.