State’s banks seem stable, fewer problems this year
July 6, 2009
By MoneyAisle
According to the Detroit Free Press, despite the poor economy, the number of problem banks did not increase significantly during the first quarter.
“Ten banks were rated ‘worse than troubled’ compared with nine banks at the end of 2008. And seven banks previously on the list saw their ratings decline, down slightly from eight at the end of December.”
Compared with last year, five additional banks were on the list, while two were removed due to their improved financial status. Also, five of the banks on the list were consolidated into the newly named Michigan Commerce Bank (formerly known as the Ann Arbor Commerce Bank).
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