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Regulators seize two small banks

October 11, 2008|From Times Wire Services

Two small banks in the Midwest were closed by regulators, bringing the number of bank failures this year to 15, the most since 1993.

Meridian Bank of Eldred, Ill., with $39 million in assets and $37 million in deposits, was closed by the state. National Bank of Hillsboro, Ill., acquired the deposits from the Federal Deposit Insurance Corp.

The other institution that failed was Main Street Bank of Northville, Mich., with $98 million in assets and $86 million in deposits. Monroe Bank & Trust of Monroe, Mich., assumed Main Street Bank's deposits.

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