socialmedian: Two banks fold, bringing total to 15 failures this year

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Two banks fold, bringing total to 15 failures this year - MarketWatch

Submitted by Infodiva

Oct 11, 2008

Summary

Northville, Mich.-based Main Street Bank and Eldred, Ill.-based Meridian Bank became the latest victims of the ongoing financial crisis on Friday, when they folded and their deposits were transferred by the Federal Deposit Insurance Corp.
The closures are the 14th and 15th bank failures so far this year.
The FDIC said in a prepared statement that Main Street Bank had $98 million in total assets and $86 million in total deposits as of Tuesday. All of Main Street's deposits were assumed by Monroe, Mich.-based Monroe Bank Read the full article

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