WASHINGTON, April 24 (Reuters) - Bank regulators in Michigan closed Michigan Heritage Bank on Friday, the 27th U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.

The Federal Deposit Insurance Corp said Michigan Heritage had about $184.6 million in assets and $151.7 million in deposits as of Dec. 31, 2008.

Level One Bank of Farmington Hills, Michigan, agreed to assume the insured deposits of Michigan Heritage, excluding $50 million in brokered deposits. FDIC said it will pay the brokers directly for the amount of their funds.

The three offices of Michigan Heritage will reopen on Monday as branches of Level One, FDIC said. (Reporting by Richard Cowan)