With a long weekend there had been speculations that there would be a high number of bank closures on Friday. It turned out the number wasn't high, but two small banks were closed. One was in Michigan and the other was in Illinois. In both closures all depositors, even those with over the FDIC limits, did not lose any money. All deposits were transferred over to the new banks. Some may wonder why the uninsured deposits would be covered. As I described in this post, it's likely due to the acquiring banks agreeing to assume these deposits.
Main Street Bank in Michigan was closed yesterday by the Michigan regulators, and the FDIC was named receiver. Here's the FDIC's press release link, and here's a summary of the closure:
Closed Bank: Main Street Bank
Location: Northville, MI
Size: 2 branches, $98 million assets, $86 million deposits
Possible Uninsured Deposits: ALL deposits transferred to acquiring bank
Acquiring Bank: Monroe Bank & Trust
Cost to Deposit Insurance Fund: between $33 million & $39 million