Closed Friday, March 30, 2012 · Dearborn, Wayne County, Michigan
Fidelity Bank
Fidelity Bank was the third-largest of the 51 bank failures in 2012. Of the 37 failed banks on record in Michigan since 1934, it ranks third by size. No other Michigan bank failed in 2012.
On the books, 2004 to 2011
Total assets peaked at $1.1 billion in the fourth quarter of 2008 and were 27% lower at the final report. Equity capital went from 8.9% of assets in the first quarter of 2004 to 1.9% at the last report. By then 12% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in four of its final eight reporting years. The deepest annual loss, $60.5 million, was booked in 2009.
Size against the other 2012 failures
Total assets of each 2012 failure, log scale; Fidelity Bank in red.
Across the failures of 2012, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was Citizens First National Bank of Princeton, Illinois ($924 million, loss 3.5% of assets); just below, Waccamaw Bank of Whiteville, North Carolina ($533 million, loss 4.5% of assets). Every 2012 failure in the explorer.
Failures in Michigan
The previous failure there was Community Central Bank of Mount Clemens, on April 29, 2011. No bank in Michigan has failed since. Wayne County has 7 failed banks on FDIC record since 1934. Closest in time: Omnibank (1998), Main Street Bank (2008), Home Federal Savings Bank (2009), New Liberty Bank (2010), Peoples State Bank (2011).