Interest Rate Roundup

Friday, October 10, 2008

Back by popular demand: Bank Failure Friday

We've had a break from Bank Failure Friday for a little while, but it's back again this week. Two institutions failed today, bringing the total for 2008 to 15. More details ...

The first failure is Main Street Bank of Northville, Michigan. Monroe Bank & Trust of Monroe, Michigan will be assuming all of the bank's deposits, including the uninsured ones. This is a tiny failure -- Main Street had just two offices and total assets of $98 million. The FDIC estimates the failure will cost only $33 million to $39 million.

The second failure was Meridian Bank of Eldred, Illinois. National Bank of Hillsboro, Illinois will assume all of its deposits and its four offices. Meridian is even smaller, with total assets of just $39.2 million. The FDIC put a preliminary resolution cost at just $13 million to $14.5 million.


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