Weserbank AG to stop doing business, making it the first German bank to close since the subprime crisis started.

German financial-market regulator BaFin ordered Weserbank AG to stop doing business, making it the first German bank to close since the subprime crisis started.BaFin said it closed the Bremerhaven, Germany-based bank to preserve remaining assets and started insolvency proceedings. The lender is over-indebted and would struggle to cover operating costs, BaFin said.Weserbank, founded in 1912 as a cooperative lender for butchers and cattle dealers, is the first German lender since 2006 to file for insolvency.

Weserbank AG to stop doing business, making it the first German bank to close since the subprime crisis started.

German financial-market regulator BaFin ordered Weserbank AG to stop doing business, making it the first German bank to close since the subp...

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