Data / Bank failures / 1998 / Omnibank
Omnibank, River Rouge, MI: failed April 9, 1998
Omnibank in River Rouge, Michigan, failed on April 9, 1998. Shorebank, Detroit of River Rouge, MI, took over its deposits. It held $42 million in assets and $40.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $2.9 million (6.8% of its assets). By assets it was the 2nd largest of 3 banks closed or assisted in 1998.
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The FDIC's record
- Closed
- April 9, 1998
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Shorebank, Detroit, River Rouge, MI
- Total assets
- $42,038,000
- Total deposits
- $40,462,000
- Estimated cost to the FDIC
- $2,865,580 (estimate as of July 31, 2026)
- Charter
- State member bank (Federal Reserve)
- Insurance fund
- BIF
- FDIC certificate
- 14758
All bank failures in 1998 · All bank failures in Michigan · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. 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.