FOR IMMEDIATE RELEASE
October 2, 2009
Contact: Jason Moon 517-335-1700

 LANSING – Michigan Office of Financial and Insurance Regulation (OFIR) Commissioner Ken Ross announced today that Huntington National Bank of Columbus, Ohio has acquired the deposits of Warren Bank in Warren, Michigan. 

“This is a good deal for customers--no depositor will lose a penny,” Ross said. “Most Michigan banks remain strong despite a challenging economic environment.”

 Warren Bank's offices will be open for business as usual on Saturday, October 3, 2009, as branches of Huntington National Bank, and Warren Bank depositors will automatically become customers of Huntington National Bank. Over the weekend, deposit customers of Warren Bank will be able to access their money by writing checks or using their ATM or debit cards. Checks drawn on Warren Bank will continue to be processed. Loan customers should continue to make their payments as usual.

Huntington National Bank will not assume approximately $59 million of brokered deposits held by Warren Bank. These funds will be paid by the FDIC to the brokers of the funds. Customers who placed their deposits through brokers should contact their brokers about the status of their deposits.

On December 31, 2008, Warren Bank had $604.4 million in total assets, $499.4 million in deposits and net loans in the amount of $411.8 million.

Warren Bank was wholly owned by Warren Bancorp and was headquartered in Warren, MI. It operated branches in Warren, Macomb, Sterling Heights, Shelby Township and Clinton Township. The bank opened on October 7, 1998, and was closed today after the Ingham County Circuit Court granted the Commissioner’s petition to appoint the Federal Deposit Insurance Corporation (FDIC) as receiver.

Warren Bank is the 96th bank closure to occur nationally this year. In Michigan, only eleven banks, including Warren Bank, have closed since 1970.

Consumers with questions about deposits with Warren Bank can call their branch or Huntington at (866) 375-6502, Monday through Friday from 7:00 a.m. to 10:00 p.m. EDT and on Saturday and Sunday from 8:00 a.m. to 5:00 p.m. EDT. Customers who have questions about today's transaction can call the FDIC toll-free at (877) 894-4713. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. For additional information about bank closures and the FDIC, visit www.fdic.gov       

   Useful consumer information can also be found at:

• Your Insured Deposit: www.fdic.gov/deposit/deposits/insured/index.html
• Electronic Deposit Insurance Estimator: http://www.fdic.gov/edie/

To view the order appointing the FDIC receiver for Warren Bank, visit: http://www.michigan.gov/documents/dleg/placeholder_295084_7.pdf .

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