BUSINESS NEWS

U.S. closes Home Federal Savings in Detroit

Posted 2009/11/06 at 6:42 pm EST

WASHINGTON, Nov. 6, 2009 (Reuters) — Bank regulators closed Home Federal Savings Bank, of Detroit, on Friday, the 117th U.S. bank to fail this year as deteriorating loans continue to take their toll on financial institutions.

The Federal Deposit Insurance Corp said Home Federal Savings Bank had $14.9 million in assets and $12.8 million in deposits.

Liberty Bank and Trust Co, of New Oreans, agreed to assume all deposits of Home Federal Savings Bank, whose two branches will reopen as branches of Liberty Bank and Trust.

The failure is expected to cost the FDIC deposit insurance fund an estimated $5.4 million, the agency said. Home Federal Savings Bank is the third FDIC-insured bank in Michigan to fail this year.

(Reporting by Charles Abbott)

Copyright Reuters 2008. See Restrictions for more details.

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