Thursday, Sep 29, 2016
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Dearborn bank fails; Huntington buys assets

WASHINGTON -- The Federal Deposit Insurance Corp. reported Friday that it closed Fidelity Bank, based in Dearborn, Mich., bringing to 16 the number of banks that have failed so far this year.

The bank, with 15 branches, had about $818.2 million in assets and $747.6 million in deposits as of Dec. 31. Huntington National Bank of Columbus agreed to assume Fidelity Bank's deposits and buy essentially all of its assets.

The FDIC estimated that Fidelity's failure will cost the insurance fund $92.8 million.

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