Paramount Bank, Farmington Hills, Mich., was closed by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC entered into a purchase and assumption agreement with Level One Bank to assume all of the deposits of Paramount Bank. Earthstar Bank, Southampton, Pa., closed by Secretary of Banking of the Commonwealth of Pennsylvania, appointed the FDIC as receiver. Polonia Bank agreed to purchase approximately $77.1 million of the failed bank’s assets. The cost to the Deposit Insurance Fund will be $90.2 million.”]
Source: https://www.cuinfosecurity.com/two-banks-closed-on-dec-10-a-3166