US FDIC says New Liberty Bank of Michigan has failed

WASHINGTON, May 14 (BestGrowthStock) – U.S. regulators on Friday
closed New Liberty Bank of Plymouth, Michigan, the Federal
Deposit Insurance Corp said, marking the 70th U.S. bank failure
so far this year.

The FDIC said New Liberty Bank had $109.1 million in
assets. Bank of Ann Arbor will assume the deposits of the
failed institution.

The bank failure is expected to cost the FDIC’s insurance
fund $25 million.

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(Reporting by Richard Cowan, editing by Bernard Orr)

US FDIC says New Liberty Bank of Michigan has failed