Main Street Bank

Who: Main Street Bank

What: 14^th bank failure of 2008 (Oct. 10, 2008)

Where: Northville, Michigan

Why: Risky loans; declining economic conditions in Michigan.

Fast Facts: All deposits were assumed by Monroe Bank & Trust in Monroe, Michigan; as of Oct. 7, 2008, Main Street Bank had $98 million in total assets and $86 million in total deposits; Main Street Bank is the first bank to fail in Michigan since New Century Bank in Shelby Township, Michigan in March 2002; as of June 2008, 13 percent of Michigan banks were rated as "problematic, troubled or worse" by BauerFinancial Inc.

View the press release

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