FDIC to terminate receiverships of two MI, CA banks

The federal bank deposit insurer plans to terminate its decade-long receiverships of two banks within 30 days and will accept comments before that period runs out.

The Federal Deposit Insurance Corp. (FDIC) will terminate the receiverships of Home Federal Savings Bank, Detroit, Mich., which last reported $14.9 million in assets prior to being placed in receivership in Nov. 6, 2009; and Innovative Bank, Oakland, Calif., which last reported $268.9 million in assets before going into receivership April 16, 2010.

“The liquidation of the assets for each receivership has been completed,” the FDIC said in its notice. “To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors.”

Notice to All Interested Parties of Intent to Terminate Receiverships