The Fed closes a bank out in Ohio…..

The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved the assumption of the insured deposits of Miami Valley Bank, Lakeview, Ohio, by The Citizens Banking Company, Sandusky, Ohio.

Miami Valley, with $86.7 million in total assets and $76 million in total deposits as of October 1, 2007, was closed today by Ohio’s Superintendent of Financial Institutions, and the FDIC was named receiver.

The failed bank’s two offices will reopen tomorrow as branches of The Citizens Banking Company. Depositors of Miami Valley will automatically become depositors of the assuming bank.