After Michigan regulators closed Citizens State Bank of NewBaltimore and named the FDIC receiver, the FDIC set up the DepositInsurance National Bank of New Baltimore to serve depositors.
|Huntington Bank will provide operational management of the DINBof New Baltimore under a contract with the FDIC and the old bank'smain office and branches will remain open during the transitionperiod. The DNIB of New Baltimore will remain open forapproximately 45 days to allow depositors access to their insureddeposits and time to open accounts at other insuredinstitutions.
|"No insured depositor will lose a penny," Michigan Office ofFinancial and Insurance Regulation Commissioner Ken Ross said."Most Michigan banks remain strong despite a challenging economicenvironment."
|Citizens State Bank, which opened in 1922, was wholly owned byCitizens State Bancorp, Inc. and was headquartered in NewBaltimore, Mich. It operated branches in Anchorville, ChesterfieldTownship, Clinton Township and Shelby Township.
|Citizens State Bank is the 136th bank closure to occurnationally this year. In Michigan, 13 banks have closed since1970.
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