After Michigan regulators closed Citizens State Bank of New Baltimore and named the FDIC receiver, the FDIC set up the Deposit Insurance National Bank of New Baltimore to serve depositors.
Huntington Bank will provide operational management of the DINB of New Baltimore under a contract with the FDIC and the old bank's main office and branches will remain open during the transition period. The DNIB of New Baltimore will remain open for approximately 45 days to allow depositors access to their insured deposits and time to open accounts at other insured institutions.
"No insured depositor will lose a penny," Michigan Office of Financial and Insurance Regulation Commissioner Ken Ross said. "Most Michigan banks remain strong despite a challenging economic environment."
Citizens State Bank, which opened in 1922, was wholly owned by Citizens State Bancorp, Inc. and was headquartered in New Baltimore, Mich. It operated branches in Anchorville, Chesterfield Township, Clinton Township and Shelby Township.
Citizens State Bank is the 136th bank closure to occur nationally this year. In Michigan, 13 banks have closed since 1970.
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