Two Small Banks Fail, Bring 2008 Tally To 15


	Two Small Banks Fail, Bring 2008 Tally To 15

Forbes Markets

10-11-2008 11:03 AM

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tags:

credit crisis, bank failures, fdic

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/0992b9fd-a25f-42ac-9599-752e2f221e81/020E67C9-8108-4929-BE62-2067D88CA358/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.reuters.com/article/ousiv/idUSTRE49995320081011" href="http://www.reuters.com/article/ousiv/idUSTRE49995320081011" style="font-size: 11px;">www.reuters.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.reuters.com/article/ousiv/idUSTRE49995320081011"><P>U.S. regulators took over two small banks on Friday, in Michigan and Illinois, bringing the tally of bank failures to 15 so far this year.<SPAN id="midArticle_byline"></SPAN></P><SPAN id="midArticle_0"></SPAN>
<P>The Federal Deposit Insurance Corp. said it had seized Main Street Bank of Northville, Michigan, and Meridian Bank of Eldred, Illinois.</P><SPAN id="midArticle_1"></SPAN>
<P>Main Street Bank had total assets of $98 million and total deposits of $86 million as of October 7, the FDIC said, while Meridian Bank had $39.2 million in total assets and $36.9 million in total deposits as of September 25.</P><SPAN id="midArticle_2"></SPAN>
<P>The two failures are expected to cost the U.S. bank deposit insurance fund, that stood at around $45 billion at the end of June, between $46 million and $53.5 million, the FDIC said.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/020E67C9-8108-4929-BE62-2067D88CA358/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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