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Two banks are closed by state officials and FDIC is named receiver.
By Ben Rooney, CNNMoney.com staff writer
October 10, 2008: 7:52 PM ET
NEW YORK (CNNMoney.com) -- Two regional banks were closed by state regulators Friday as the downturn in the housing market continues to strain local lenders.
A total of 15 federally-insured institutions have been closed so far this year.
Michigan-based Main Street Bank and Meridian Bank in Illinois were both closed and the Federal Deposit Insurance Corporation was named receiver, according to FDIC statements.
Main Street Bank's deposits will be transferred to Monroe Bank & Trust and the failed bank's two offices will reopen Saturday as Monroe branches.
Meridian's four offices and all deposits will be taken over by National Bank and will reopen under new management on Saturday.
The FDIC said customers of both banks will still be insured with their new institution and do not need to change their banking relationship to retain deposit insurance.
http://money.cnn.com/2008/10/10/news...ures/index.htm
By Ben Rooney, CNNMoney.com staff writer
October 10, 2008: 7:52 PM ET
NEW YORK (CNNMoney.com) -- Two regional banks were closed by state regulators Friday as the downturn in the housing market continues to strain local lenders.
A total of 15 federally-insured institutions have been closed so far this year.
Michigan-based Main Street Bank and Meridian Bank in Illinois were both closed and the Federal Deposit Insurance Corporation was named receiver, according to FDIC statements.
Main Street Bank's deposits will be transferred to Monroe Bank & Trust and the failed bank's two offices will reopen Saturday as Monroe branches.
Meridian's four offices and all deposits will be taken over by National Bank and will reopen under new management on Saturday.
The FDIC said customers of both banks will still be insured with their new institution and do not need to change their banking relationship to retain deposit insurance.
http://money.cnn.com/2008/10/10/news...ures/index.htm
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