First Michigan Bank acquires failed Peoples State Bank from FDIC

In order to protect depositors, the Michigan Office of Financial and Insurance Regulation closed Peoples State Bank and appointed the Federal Deposit Insurance Corporation (FDIC) receiver.

Subsequently, First Michigan Bank entered into a definitive agreement with the FDIC to assume the deposits and assets of the failed bank. As of December 31, 2010, Peoples State Bank had $389.5m in assets and $389.9m in deposits.

First Michigan Bank sad the former Peoples State Bank branch locations will reopen as its branches and the depositors of the Peoples State Bank can access their funds, all of which will continue to be insured by the FDIC, up to the FDIC’s maximum limit.

First Michigan Bank chairman, president and CEO David Provost said that customers should know that it will be business as usual for them.

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