It was Friday again: 14th and 15th banks closed by regulators

The FDIC Failed Banks List announced yesterday that Meridian Bank, Eldred, IL and Main Street Bank, Northville, MI were closed down yesterday. That's number 14 and 15 failed banks for 2008.

The AOL Money reports

The Federal Deposit Insurance Corp. was appointed receiver of the banks. Main Street Bank, based in Northville, Mich., had $98 million in assets and $86 million in deposits as of Oct. 7. Meridian Bank, based in Eldred, Ill., had assets of $39.2 million and deposits of $36.9 million as of Sept. 25.

The FDIC said all of Main Street Bank's deposits will be assumed by Monroe Bank & Trust of Monroe, Mich. The two offices of Main Street Bank will reopen Saturday as branches of Monroe Bank & Trust.

All of Meridian Bank's deposits will be assumed by National Bank of Hillsboro, Ill. Meridian's four offices in Altamont, Carlyle, and Eldred will reopen for normal hours on Saturday, and its Alton office will reopen Tuesday, as branches of National Bank.

The 15 bank failures so far this year compare with three for all of 2007, and federal banking officials have said that more banks are in danger of collapse.

There is currently no reason given for the failures of the two banks. Bad real estate loans? That's been the prevailing reason for the other 13 bank failures in 2008.

There is also a Meridian Bank in Arizona. There is no connection between this failed Illinois bank and the Meridian Bank in Arizona.