Michigan Heritage Bank, Farmington Hills, MI

Michigan Heritage Bank of Farmington Hills, Michigan, was the 27th bank to fail in 2009 according to the Federal Deposit Insurance Corporation on Friday. Level One Bank of Farmington Hills, Michigan, will assume all of the bank’s deposits.

State regulators have closed Michigan Heritage Bank of Farmington Hills, the second bank to fail in the state in less than a year.

Government regulators had ordered Michigan Heritage to find a buyer by April 15th after finding the bank to be “critically undercapitalized.” It had $185 million in assets and $152 million in deposits at the end of December. The failure will cost the federal government $71 million.

Michigan Heritage’s three offices will open for business as part of Level One on Monday morning. Michigan Heritage depositers will not experience any interruption in access to their funds, Level One said, and their money will continue to be insured by the FederalDeposit Insurance Corp.

Until now, the last bank failure in Michigan was Main Street Bank in Northville, which closed last October.

To find out more information, customers can go to the FDIC web page.

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