Data / Bank failures / 2008 / Meridian Bank
Meridian Bank, Eldred, IL: failed October 10, 2008
Meridian Bank in Eldred, Illinois, failed on October 10, 2008. National Bank of Hillsboro, IL, took over its deposits. It held $38.2 million in assets and $36.1 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $16.6 million (43.5% of its assets). By assets it was the 28th largest of 30 banks closed or assisted in 2008.
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The FDIC's record
- Closed
- October 10, 2008
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- National Bank, Hillsboro, IL
- Total assets
- $38,223,000
- Total deposits
- $36,090,000
- Estimated cost to the FDIC
- $16,617,897 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- DIF
- FDIC certificate
- 13789
Other bank failures in Illinois, 2006 to 2010
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First Suburban National Bank | Maywood | October 22, 2010 | $143.5 million | $135.5 million | $44.3 million | Seaway Bank and Trust Company |
| Shorebank | Chicago | August 20, 2010 | $2.17 billion | $1.55 billion | $526 million | Urban Partnership Bank |
| Palos Bank and Trust Company | Palos Heights | August 13, 2010 | $493.4 million | $467.8 million | $67 million | First Midwest Bank |
| Ravenswood Bank | Chicago | August 6, 2010 | $264.6 million | $269.4 million | $67.7 million | Northbrook Bank and Trust Company |
| Arcola Homestead Savings Bank | Arcola | June 4, 2010 | $17 million | $18.1 million | $11.5 million | |
| Midwest Bank and Trust Company | Elmwood Park | May 14, 2010 | $3.17 billion | $2.42 billion | Firstmerit Bank, National Association | |
| Wheatland Bank | Naperville | April 23, 2010 | $441.7 million | $448.9 million | $189.7 million | Wheaton Bank & Trust |
| New Century Bank | Chicago | April 23, 2010 | $447.2 million | $439 million | $132.1 million | MB Financial Bank, National Association |
All bank failures in 2008 · All bank failures in Illinois · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.