Michigan Heritage Bank fails; 27th of year

Michigan Heritage Bank of Farmington Hills, Mich. was closed by the Michigan Office of Financial and Insurance Regulation, according to the Federal Deposit Insurance Corporation Friday, making Michigan Heritage the 27th bank failure of 2009, and the 52nd of the recession. Level One Bank of Farmington Hills, Mich. will assume all of the deposits, except $50 million in brokered deposits held by Michigan Heritage. As of Dec. 31, Michigan Heritage had total assets of about $184.6 million and total deposits of $151.7 million. Earlier in the day, American Southern Bank of Kennesaw, Ga. became the 26th bank of 2009 to fail.