Closed Friday, April 30, 2010 · Port Huron, St. Clair County, Michigan
CF Bancorp
No failed bank in Michigan was larger, of 37 on record there since 1934. Equity capital was below zero at CF Bancorp's last report. It reported a net loss in three of its final nine reporting years.
On the books, 2002 to 2010
Total assets peaked at $2.1 billion in the first quarter of 2008 and were 24% lower at the final report. Equity capital had covered 13% of assets in the second quarter of 2002. The deepest annual loss, $118 million, was booked in 2009.* 2010: January to March only, the last report before closing.
Size against the other 2010 failures
Total assets of each 2010 failure, log scale; CF Bancorp in red.
By assets it ranked 12th of the 157 failures in 2010. Across the failures of 2010, the median estimated loss came to 21% of assets. Ranked by estimated loss, it is 111th of 2,944 failures since 1934. In the size ranking of that year, just above it was First Regional Bank of Los Angeles, California ($2.1 billion, loss 11% of assets); just below, Hillcrest Bank of Overland Park, Kansas ($1.6 billion, loss 17% of assets). Every 2010 failure in the explorer.
Regulators closed seven banks that day. The largest of the others was Westernbank Puerto Rico of Mayaguez, Puerto Rico, at $10.8 billion.
Failures in Michigan
It was one of five banks in Michigan to fail in 2010. The previous failure there was Lakeside Community Bank of Sterling Heights, on April 16, 2010. The next was New Liberty Bank of Plymouth, on May 14, 2010. No other failed bank in the FDIC's records was based in St. Clair County.