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Two small banks fail; brings year's tally to 15

WASHINGTON
Fri Oct 10, 2008 6:49pm EDT

WASHINGTON (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 FDIC said it had found acquirers for the deposits of both failed banks.

(Reporting by Karey Wutkowski; Editing by Tim Dobbyn)


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