Closed Thursday, March 28, 2002 · Shelby Township, Macomb County, Michigan
New Century Bank
No bank took over New Century Bank's deposits: the FDIC paid insured depositors directly. It failed three years after it opened in 1999. No bank in Michigan had failed for three years, since Omnibank closed in 1998.
On the books, 1999 to 2001
Total assets peaked at $56.5 million in the first quarter of 2000 and were 63% lower at the final report. Equity capital went from 12% of assets in the third quarter of 1999 to below zero at the last report. New Century Bank lost money in every one of the three reporting years on file before it closed. The deepest annual loss, $5.0 million, was booked in 2001.
Size against the other 2002 failures
Total assets of each 2002 failure, log scale; New Century Bank in red.
By assets it ranked tenth of the 11 failures in 2002. Within Michigan it ranks 23rd by size of the 37 failures recorded since 1934. Across the failures of 2002, the median estimated loss came to 16% of assets. In the size ranking of that year, just above it was Farmers Bank & Trust of Cheneyville of Cheneyville, Louisiana ($35.3 million, loss 35% of assets); just below, Bank of Sierra Blanca of Sierra Blanca, Texas ($10.8 million, loss 42% of assets). Every 2002 failure in the explorer.
Failures in Michigan
The next was Main Street Bank of Northville, on October 10, 2008. Macomb County has 6 failed banks on FDIC record since 1934. The others: Tri-City Bank (1974), Warren Bank (2009), Citizens State Bank (2009), Lakeside Community Bank (2010), Community Central Bank (2011).