Failed Bank Information
Information for Meridian Bank, Eldred, IL
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Purchase and Assumption Agreement (3.06 MB PDF File - PDF Help)
- Receivership Termination
On October 10, 2008, Meridian Bank, Eldred, IL was closed by the Department of Financial and Professional Regulation of the Illinois Division of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.
The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law and the receivership estate is deemed terminated.
II. Press Release
The FDIC has issued a press release about the institution's closure. If you represent a media outlet and would like information about the closure, please contact the FDIC Public Affairs Office at (202) 898-6993.
III. Acquiring Financial Institution
All insured deposit accounts were transferred to National Bank, Hillsboro, IL and were available as usual during regular business hours at the former Meridian Bank branches.
You may contact National Bank at:
212 South Main Street
Hillsboro, IL 62049
IV. Priority of Claims
The dividend process is complete. In accordance with Federal law, allowed claims are paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
V. Dividend Information
VI. Receivership Termination
The FDIC as Receiver for Meridian Bank has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership on September 1, 2011.
The Receiver has made all dividend distributions required by law.
Effective April 18, 2012, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.