Michigan Bank Fails; 2012 Tally at 16

NEW YORK (TheStreet) -- State regulators on Friday closed Fidelity Bank of Dearborn, Mich., bringing this year's total number of bank failures to 16.

The failed bank was previously included in TheStreet's fourth-quarter Bank Watch List of undercapitalized institutions, based on regulatory data provided by HighlineFI.

Fidelity Bank had $818.2 million in total assets and $747.6 million in deposits when it was closed by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corp. as receiver.

The FDIC sold the failed bank to The Huntington National Bank, of Columbus, Ohio, which is the main subsidiary of Huntington Bancshares (HBAN).

The failed bank's 15 offices were set to reopen Saturday as branches of The Huntington National Bank. The FDIC estimated the cost of Fidelity Bank's failure to the deposit insurance fund would be $92.8 million.

Huntington Bancshares said in a statement that the purchase of the failed bank would result in "an acquisition asset discount of approximately $150 million," and that the acquisition of Fidelity Bank was "expected to be over 2% accretive to earnings per share, less than 1% accretive to tangible book value, and very modestly dilutive to Huntington's capital ratios."

Thorough Bank Failure Coverage

Fidelity Bank was the first Michigan institution to fail this year.

All 429 previous bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:

The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.

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-- Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.