Bank Failure
Meridian Bank
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Closed October 10, 2008 · Eldred, IL · FDIC Cert #13789.
- Closing date
- October 10, 2008
- Headquarters
- Eldred, IL
- FDIC Certificate
- 13789
- Total assets at closing
- $38.2M
- Total deposits at closing
- $36.1M
- Estimated loss to the insurance fund
- $16.6M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- National Bank
Context
On October 10, 2008, regulators closed Meridian Bank, headquartered in Eldred, IL. At closing, the institution held approximately $38.2M in assets and $36.1M in deposits. The FDIC record names National Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $16.6M.
By assets at closing this is the 1849th largest of the 3,526 bank failures in the FDIC record, and the 23rd of 25 in 2008. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Meridian Bank fail?
Meridian Bank was closed by regulators on October 10, 2008.
Who acquired Meridian Bank?
The FDIC record names National Bank as the acquiring institution in the resolution of Meridian Bank.
How big was Meridian Bank when it failed?
Meridian Bank had approximately $38.2M in total assets and $36.1M in deposits at the time of failure.
Other failures in 2008
| Date | Bank | Assets |
|---|---|---|
| Dec 12, 2008 | Haven Trust Bank | $559.6M |
| Dec 12, 2008 | Sanderson State Bank | $38.2M |
| Dec 5, 2008 | First Georgia Community Bank | $256.4M |
| Nov 21, 2008 | Downey Savings and Loan Association, F.A. | $12.78B |
| Nov 21, 2008 | PFF Bank & Trust | $3.72B |
| Nov 21, 2008 | The Community Bank | $634.9M |
| Nov 7, 2008 | Franklin Bank, SSB | $5.09B |
| Nov 7, 2008 | Security Pacific Bank | $528.0M |
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