Another Weekend and another round of bank closures. Regulators shut three banks Warren Bank in Michigan, Jennings State Bank of Spring Grove ,MN and Southern Colorado National Bank based in Pubelo on Friday.
The largest was Warren Bank in Warren,MI with six branches. Its assets was sold to Huntington National Bank which is based in Columbus, Ohio. The branches reopened as Huntington National on Saturday. The failure of Warren Bank will cost $275 million to the feds.
Jennings States Bank in Minnesota will cause $11.7 million loss for the FDIC. Central Bank of Stillwater, Mn. The Bank two branches in Stillwater and Spring Grove will become branches of Central Bank.
The final bank that was closed was Southern Colorado National Bank. The FDIC shut down the bank on Friday was reopened as a branch of Legacy Bank of Wiley. The cause of Southern Colorado National Bank loaning financing to developers. The cost to FDIC is $25.5 Million.