Failed Bank List

Closed Friday, February 11, 2011 · Hamtramck, Wayne County, Michigan

Peoples State Bank

Peoples State Bank's founding in 1909 put it past its 100th year when it closed. Equity capital was below zero at its last report. It reported a net loss in four of its final eight reporting years.

On the books, 2003 to 2010

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$150M$300M$450M$600M2004200520062007200820092010Closed
Total assets peaked at $507 million in the second quarter of 2007 and were 23% lower at the final report. Equity capital had covered 11% of assets in the first quarter of 2003. By then 16% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $18.2 million, was booked in 2010.
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$20M−$20M2003: $4.3 million20039.8%2004: $4.4 million20049.2%2005: $4.2 million20058.7%2006: $3.0 million20068.9%2007: −$2.5 million20078.3%2008: −$13.6 million20086.6%2009: −$12.6 million20093.8%2010: −$18.2 million2010neg.

Size against the other 2011 failures

Total assets of the 92 banks that failed in 2011, log scale$10M$100M$1B$10B
Total assets of each 2011 failure, log scale; Peoples State Bank in red.

By assets it ranked 21st of the 92 failures in 2011. Within Michigan it ranks sixth by size of the 37 failures recorded since 1934. Across the failures of 2011, the median estimated loss came to 23% of assets. In the size ranking of that year, just above it was The RiverBank of Wyoming, Minnesota ($420 million, loss 17% of assets); just below, Habersham Bank of Clarkesville, Georgia ($388 million, loss 31% of assets). Every 2011 failure in the explorer.

Three other banks closed that day; the largest was Canyon National Bank of Palm Springs, California, at $211 million.

Failures in Michigan

It was one of two banks in Michigan to fail in 2011. The previous failure there was Paramount Bank of Farmington Hills, on December 10, 2010. The next was Community Central Bank of Mount Clemens, on April 29, 2011. 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), 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, 2011 in red. Every Michigan failure

The acquiring bank

First Michigan Bank of Troy, Michigan took over three failed banks between 2000 and 2026. The others:

  • CF BancorpPort Huron, MI · April 30, 2010
  • First Banking CenterBurlington, WI · November 19, 2010

FDIC certificate 14939 · loss estimate as of July 31, 2026 · How to read this page