Horizon bank closed by regulators
Horizon Bank of Bellingham, which has struggled for more than a year under a crushing weight of bad real estate loans, was closed by state regulators Friday evening -- the first US bank to fail in 2010, though undoubtedly not the last.
Bank regulators in Michigan closed Michigan Heritage Bank on Friday, the 27th US bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.