LANSING - Michigan Office of Financial and Insurance Regulation (OFIR) Commissioner Ken Ross announced today that Level One Bank has acquired the deposits of Michigan Heritage Bank. Both banks are located in Farmington Hills, Michigan .

"This is a good deal for customers--no depositor will lose a penny," Ross said. "Most Michigan banks remain strong despite a challenging economic environment."

Michigan Heritage Bank's offices will be open for business on Monday, April 27, 2009, as branches of Level One Bank, and Michigan Heritage Bank depositors will automatically become customers of Level One Bank. Over the weekend, deposit customers of Michigan Heritage Bank will be able to access their money by writing checks or using ATM or debit cards. Checks drawn on Michigan Heritage Bank will continue to be processed. Loan customers should continue to make their payments as usual.

Level One will not assume $50 million of brokered deposits held by Michigan Heritage.  These funds will be paid by the FDIC to the brokers of the funds. Customers who placed their deposits through brokers should contact their brokers about the status of their deposits.

On December 31, 2008, Michigan Heritage Bank had $180.3 million in total assets, $160 million in deposits and net loans in the amount of $125.5 million.

Michigan Heritage Bank was wholly owned by Michigan Heritage Bancorp and was headquartered in Farmington Hills, MI. It operated branches in Novi and Wixom. The bank opened on March 10, 1997, and was closed today after the Ingham County Circuit Court granted the Commissioner's petition to appoint the Federal Deposit Insurance Corporation (FDIC) as receiver.

Michigan Heritage Bank is the 27th bank closure to occur nationally this year. In Michigan, only ten banks, including Michigan Heritage Bank, have closed since 1970.

Consumers with questions about deposits with Michigan Heritage Bank can call their branch in Farmington Hills, Novi, or Wixom or may contact Level One Bank at ( 248) 737-0300. Customers who have questions about today's transaction can call the FDIC toll-free at (866) 954-9526. The phone number will be operational this evening until 9:00 p.m., EST; on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST.

For additional information about bank closures and the FDIC, visit www.fdic.gov        

Useful consumer information can also be found at:

• Your Insured Deposit: www.fdic.gov/deposit/deposits/insured/index.html
• Electronic Deposit Insurance Estimator: http://www.fdic.gov/edie/
• Insuring Your Deposits: http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html

To view the order appointing the FDIC receiver for Michigan Heritage Bank, visit: http://www.michigan.gov/documents/dleg/OFIR_order_276059_7.pdf

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