Two Bank Failures Bring Year’s Tally To 151

SAN FRANCISCO — One bank failure in Pennsylvania and one in Michigan brought the year’s tally of failures to 151, according to the Federal Deposit Insurance Corp. Friday. Regulators closed Paramount Bank of Farmington Hills, Mich., and Earthstar Bank of Southampton, Pa. Level One Bank of Farmington Hills, Mich., will take over Paramount’s $252.7 million in assets and $213.6 million in deposits; and Polonia Bank of Huntingdon Valley, Pa. will take over Earthstar’s $112.6 million in assets and $104.5 million in deposits. The total cost to the FDIC deposit insurance fund is $113.1 million.

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