Meridian Bank, Eldred, Illinois
October 10, 2008 – 4:02 pmMeridian Street Bank, Northville, MI today became the 15th bank to be taken over by the FDIC. You can read the FDIC press release at the official web page here.
Meridian Bank, of Eldred, Illinois, was closed by regulators today, the 15th to fail this year, as amid tightening credit and a deepening housing slump.
Meridian, with $39.1 million in assets and $36.9 million in deposits as of Sept. 25, was shut by the Illinois Department of Financial Professional Regulation, and the Federal Deposit Insurance Corp. was named receiver. National Bank, of Hillsboro, Illinois, is acquiring the deposits of Meridian. Four of the failed bank’s branches will reopen tomorrow and one will reopen Oct. 14 as branches of National Bank, the FDIC said.
The FDIC said customers’ access to their money over the weekend will not be interrupted.
On Saturday the former Meridian Bank locations that observed Saturday hours will reopen as branches of National Bank. Other former Meridian Bank offices will reopen on Tuesday as branches of National Bank.
More information is available at the FDIC web page.
<>
