twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
The Mortgage Graveyard
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 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.

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders