Monroe Bank & Trust has acquired all the deposits of Main Street Bank, Northville, Michigan.
Main Street Bank was closed by the Michigan Office of Financial and Insurance Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named receiver.
To protect the depositors, the FDIC approved the assumption of all the deposits of Main Street Bank by Monroe Bank & Trust.
All depositors of Main Street Bank, including any with deposits in excess of the FDIC’s insurance limits, will automatically become depositors of Monroe Bank & Trust, and they will continue to have uninterrupted access to their money, according to the FDIC.
Monroe Bank & Trust has agreed to pay a total premium of 1% for the failed bank’s deposits. In addition, Monroe Bank & Trust will purchase approximately $16.9 million of Main Street’s assets, and have a 90-day option to purchase approximately $1.1 million in premises and fixed assets. The FDIC will retain the remaining assets for later disposition.