Data / Bank failures / 2002 / New Century Bank
New Century Bank, Shelby Township, MI: failed March 28, 2002
New Century Bank in Shelby Township, Michigan, failed on March 28, 2002. It held $21.1 million in assets and $18.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $4.4 million (21.1% of its assets). By assets it was the 10th largest of 11 banks closed or assisted in 2002.
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The FDIC's record
- Closed
- March 28, 2002
- Type
- Failure
- How it was resolved
- Payout: the FDIC paid insured depositors directly
- Total assets
- $21,091,000
- Total deposits
- $18,902,000
- Estimated cost to the FDIC
- $4,439,928 (estimate as of July 31, 2026)
- Charter
- State member bank (Federal Reserve)
- Insurance fund
- BIF
- FDIC certificate
- 34979
All bank failures in 2002 · All bank failures in Michigan · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.