• Most Popular
  • Most Shared

U.S. closes Home Federal Savings in Detroit

WASHINGTON
Fri Nov 6, 2009 6:42pm EST

WASHINGTON (Reuters) - Bank regulators closed Home Federal Savings Bank, of Detroit, on Friday, the 117th U.S. bank to fail this year as deteriorating loans continue to take their toll on financial institutions.

The Federal Deposit Insurance Corp said Home Federal Savings Bank had $14.9 million in assets and $12.8 million in deposits.

Liberty Bank and Trust Co, of New Oreans, agreed to assume all deposits of Home Federal Savings Bank, whose two branches will reopen as branches of Liberty Bank and Trust.

The failure is expected to cost the FDIC deposit insurance fund an estimated $5.4 million, the agency said. Home Federal Savings Bank is the third FDIC-insured bank in Michigan to fail this year.

(Reporting by Charles Abbott)


More from Reuters

Photo

Jobless claims hit 17-month low

WASHINGTON (Reuters) - The number of U.S. workers filing new applications for jobless benefits fell last week to the lowest level in about 17 months, suggesting the economy might be on the cusp of job creation.

» More Top News
A picture of an arrow in this file photo. REUTERS/File
OUTLOOK 2010:

The coming Great Inflation

Real or imagined, Americans have plenty of things to worry about. Should inflation be one of them?  Full Article 

ECONOMY
People walk past a branch of Bank of America in New York's financial district April 28, 2009. REUTERS/Brendan McDermid
Rolfe Winkler:

Move your money

Boycotting "too big to fail" banks is a great idea -- so long as investors remember that banks aren't the only ones responsible for the crisis.  Full Article 

    Commentary