October 11, 2008

Regulators shut Main St. Bank

Freep.com
In the first major sign that the state's grim economy has taken a toll on its banks, federal and state regulators moved Friday to shut down Main Street Bank in Northville.

Main Street is the first bank to fail in Michigan since March 2002, when New Century Bank in Shelby Township was forced to close. With the closure, 15 banks around the country have shut their doors this year.

Monroe Bank & Trust in Monroe will pay a 1% premium to buy Main Street's $86 million in total deposits and purchase some other assets. Regulators said Main Street's customers will have uninterrupted access to their money, with the bank's Northville office and a branch in Plymouth reopening today under the Monroe name.

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