Closed Friday, October 10, 2008 · Eldred, Greene County, Illinois
Meridian Bank
No bank in Illinois had failed for six years, since Universal Federal Savings Bank closed in 2002. In the three years to the fourth quarter of 2007, Meridian Bank's assets grew 493%. It reported a net loss in six of its final nine reporting years.
On the books, 2000 to 2008
Total assets peaked at $55.4 million and were 31% lower at the final report. Equity capital went from 8.7% of assets in the fourth quarter of 2000 to 4.9% at the last report. The deepest annual loss, $2.2 million, was booked in 2008 in only part of the year.* 2008: January to September only, the last report before closing.
Size against the other 2008 failures
Total assets of each 2008 failure, log scale; Meridian Bank in red.
By assets it ranked 23rd of the 25 failures in 2008. Within Illinois it ranks 118th by size of the 185 failures recorded since 1934. Across the failures of 2008, the median estimated loss came to 37% of assets. In the size ranking of that year, just above it was Douglass National Bank of Kansas City, Missouri ($52.8 million, loss 14% of assets); just below, Sanderson State Bank of Sanderson, Texas ($38.2 million, loss 20% of assets). Every 2008 failure in the explorer.
The only other bank closed that day was Main Street Bank of Northville, Michigan.
Failures in Illinois
The next was National Bank of Commerce of Berkeley, on January 16, 2009. No other failed bank in the FDIC's records was based in Greene County.