Failed Bank List

Closed Friday, November 6, 2009 · Detroit, Wayne County, Michigan

Home Federal Savings Bank

The estimated loss came to 66% of Home Federal Savings Bank's assets, one of the 30 highest ratios among the 583 failures since 2000. Its assets had shrunk 53% from their peak in the first quarter of 2002 by the last report before closing. It reported a net loss in five of its final nine reporting years.

On the books, 2001 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$8M$16M$24M$32M20022003200420052006200720082009Closed
Total assets peaked at $27.9 million. Equity capital went from 7.1% of assets in the fourth quarter of 2001 to 1.1% at the last report. By then 12% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $550 thousand, was booked in 2007.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$600K−$600K2001: $216 thousand20017.1%2002: $92 thousand20027.4%2003: $40 thousand20037.7%2004: $37 thousand20048.0%2005: −$197 thousand20057.5%2006: −$101 thousand20067.5%2007: −$550 thousand20074.8%2008: −$508 thousand20083.3%2009: −$399 thousand2009*1.1%
* 2009: January to September only, the last report before closing.

Size against the other 2009 failures

Total assets of the 140 banks that failed in 2009, log scale$10M$100M$1B$10B$100B
Total assets of each 2009 failure, log scale; Home Federal Savings Bank in red.

By assets it ranked 139th of the 140 failures in 2009. Within Michigan it ranks 26th by size of the 37 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was First Bank of Kansas City of Kansas City, Missouri ($15.7 million, loss 48% of assets); just below, Dwelling House Savings and Loan Association of Pittsburgh, Pennsylvania ($12.9 million, loss 65% of assets). Every 2009 failure in the explorer.

Regulators closed five banks that day. The largest of the others was United Commercial Bank of San Francisco, California, at $10.9 billion.

Failures in Michigan

It was one of four banks in Michigan to fail in 2009. The previous failure there was Warren Bank of Warren, on October 2, 2009. The next was Citizens State Bank of New Baltimore, on December 18, 2009. Wayne County has 7 failed banks on FDIC record since 1934. Closest in time: Omnibank (1998), Main Street Bank (2008), New Liberty Bank (2010), Peoples State Bank (2011), Fidelity Bank (2012).

Bank failures in Michigan per year, 1980 to 2026023461982: 11984: 11985: 11988: 11989: 21991: 21998: 12002: 12008: 12009: 42010: 52011: 22012: 119801990200020102020
Per year since 1980, 2009 in red. Every Michigan failure

The acquiring bank

Liberty Bank and Trust Company of New Orleans, Louisiana took over three failed banks between 2000 and 2026. The others:

FDIC certificate 30329 · loss estimate as of July 31, 2026 · How to read this page