Ross said this deal fully protects Paramount’s depositors and it allows customers to continue conducting their financial affairs as usual. Most Michigan banks remain strong despite a challenging economic environment.
According to OFIR, Paramount Bank’s offices will be open for business as usual on Monday, 13 December 2010, as branches of Level One Bank.
Over the weekend, deposit customers of Paramount Bank will be able to access their money by writing checks or using their ATM or debit cards.
Checks drawn on Paramount Bank will continue to be processed. Loan customers should continue to make their payments as usual, said OFIR.
Level One will not assume approximately $19m of brokered deposits held by Paramount Bank. These funds will be paid by the Federal Deposit Insurance Corporation (FDIC) to the broker of the funds.
At 30 September 2010, Paramount Bank had $252.7m in total assets, $213.6m in deposits, and net loans amounting to $217.1m.
Paramount Bank was wholly owned by Paramount Bancorp, and was headquartered in Farmington Hills, Michigan. It operated additional branches in Clinton Township, Birmingham, and Ferndale.
