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.

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