Bank Failures

Two more banks fail, 2008 tally to 15

From Reuters:

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.

The Federal Deposit Insurance Corp. said it had seized Main Street Bank of Northville, Michigan, and Meridian Bank of Eldred, Illinois.

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.

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.

Fifteen and counting.


15, originally uploaded by Leo Reynolds.

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