A state regulator on Friday closed one bank in Michigan, bringing the total number of bank failures this year to 16. The Federal Deposit Insurance Corporation, which was appointed receiver, said Fidelity Bank of Dearborn, Michigan, was closed on Friday. The bank's 15 branches will reopen Saturday as part of the Huntington National Bank, Columbus, Ohio.
Fidelity Bank had about $818.2 million in total assets and $747.6 million in total deposits. In 2010 157 banks with $92.1 billion in total assets failed while 92 institutions with $34.9 billion in total assets were closed in 2011.