Closed Friday, April 16, 2010 · Sterling Heights, Macomb County, Michigan
Lakeside Community Bank
No bank took over Lakeside Community Bank's deposits: the FDIC paid insured depositors directly. Regulators closed eight banks that day. It reported a net loss in five of its final nine reporting years.
On the books, 2002 to 2010
Total assets peaked at $76.3 million in the second quarter of 2006 and were 36% lower at the final report. Equity capital went from 9.0% of assets in the second quarter of 2002 to 0.9% at the last report. By then 11% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $5.5 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; Lakeside Community Bank in red.
By assets it ranked 144th of the 157 failures in 2010. Within Michigan it ranks 19th by size of the 37 failures recorded since 1934. Across the failures of 2010, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was Carson River Community Bank of Carson City, Nevada ($51.1 million, loss 28% of assets); just below, First Vietnamese American Bank of Westminster, California ($48.0 million, loss 30% of assets). Every 2010 failure in the explorer.
It was one of five banks in Michigan to fail in 2010. The previous failure there was Citizens State Bank of New Baltimore, on December 18, 2009. The next was CF Bancorp of Port Huron, on April 30, 2010. Macomb County has 6 failed banks on FDIC record since 1934. The others: Tri-City Bank (1974), New Century Bank (2002), Warren Bank (2009), Citizens State Bank (2009), Community Central Bank (2011).