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Failed, closed and a c q u i r e d mortgage-related entities.



2 Midwest Banks Fail

Meridian, Main Street taken over by FDIC

October 13, 2008

By MortgageDaily.com staff


State banking regulators have closed down a Michigan bank and an Illinois bank.

On Friday, the Illinois Department of Financial Professional Regulation's Division of Banks closed down Meridian Bank, according to a statement from the Federal Deposit Insurance Corporation -- which was named receiver.

National Bank has assumed the $37 million in deposits of Meridian, which was based in Eldred and operated four branches. National Bank paid no premium for the deposits and will purchase nearly $8 million of Meridian's $39 million in assets, while the FDIC will handle the disposition of the remaining assets.

A July 15 FDIC cease-and-desist order cited Meridian for lax management and oversight, hazardous lending practices and unsound underwriting. The bank failed to obtain proper loan documentation, adequate collateral and financial information.

The order indicated that management's policies and procedures were detrimental to Meridian and jeopardized the safety of its deposits.

The FDIC estimates Meridian's collapse will cost it around $14 million.

Also on Friday, the Michigan Office of Financial and Insurance Regulation closed Main Street Bank in Northville, Mich. FDIC was also named receiver of Main Street.

Monroe Bank & Trust paid a 1 percent premium to take over Main Street's $86 million in deposits and will acquire $17 million of $98 million in assets. FDIC will handle the disposition of the remaining assets, though Monroe has an option to purchase another $1 milliion in assets.

A July 22 FDIC cease-and-desist order against Main Street cited many of the same issues that were cited in the order against Meridian.

The closings bring to 15 the number of FDIC-insured banks to fail this year. FDIC currently insures 8,415 institutions.

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