- Introduction
- Press Release
- Acquiring Financial Institution
- Question and Answer Guide
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement (787Kb
PDF File -
PDF Help)
- Meridian Bank Contact Information
- Balance Sheet Summary
|
| I. Introduction |
| On October 10, 2008, Meridian Bank, Eldred, Illinois 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. No advance notice is given to the
public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking
account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct
deposit, and other relationships with the institution. The FDIC has compiled the following information which should
answer many of your questions. |
| Back to top |
| II. Press
Release |
| The FDIC has issued a press release
(PR-99-2008) about
the institution's closure. If you represent a media outlet and would
like information about the closure, please contact LaJuan
Williams-Dickerson at
202-898-3876 or David Barr at 202-898-6992. |
| Back to top |
| III. Acquiring
Financial Institution |
| All deposit accounts have been transferred to
National Bank, Hillsboro, Illinois ("assuming
institution")
and will be available immediately. On Saturday the former
Meridian Bank locations that observed
Saturday hours will reopen as branches of National Bank. Other former
Meridian Bank offices will
reopen on Tuesday as branches of National Bank.
Your transferred deposits will be separately insured from any accounts
you may already have at National Bank for six months after
the failure of Meridian Bank. Checks that were drawn on Meridian Bank
that did not clear
before the institution closed will be honored as long as there are
sufficient funds in the account. You may speak to an FDIC
representative regarding deposit insurance by calling: 1-877-894-4713 or
visit EDIE the FDIC's Electronic Deposit Insurance Estimator.
EDIE
- FDIC's Electronic Deposit Insurance Estimator
You may withdraw your funds from any transferred
account without an early withdrawal penalty until you enter into a new deposit
agreement with National Bank as long as
the deposits are not pledged as collateral for loans. You may view more
information about
National Bank by
visiting heir web site.
National Bank (www.national-bank.com) |
| Back to top |
|
V. Banking Services |
| The Automated Teller Machines (ATM) and online services will remain available.
You may continue to use the services
to which you previously had access, such as,
safe deposit boxes, night deposit boxes, wire services, etc. during normal
business hours.
Your checks will be processed as usual. All outstanding checks
will be paid against your available balance(s) as if no change
had occurred. Your new bank will
contact you soon regarding any changes in the terms of your account. If
you have a problem with a merchant refusing to accept your check, please
contact your branch
office. An account representative will
clear up any confusion about the validity of your checks.
All interest bearing deposits will continue to accrue interest at the
same rate. National Bank will be
reviewing rates and will provide further information soon. You
will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be
transferred automatically to your new bank. If
you have any questions or special requests, you may contact a representative
of your assuming institution at your
branch office. |
| Back to top |
| VI. Loan
Customers |
| If you had a loan with Meridian Bank, you should
continue to make your payments as usual. The terms of your loan
will not change under the terms of the loan contract because they are contractually
agreed to your promissory note with the failed institution. Checks
should be made payable to FDIC as
Receiver of Meridian Bank and sent to the same address until
further notice. If you have further questions regarding an existing loan
you may
call 1-877-894-4713.
For all questions regarding new loans and the lending policies of National
Bank, please contact your
branch office or visit the National Bank
website at www.national-bank.com. |
| Back to top |
| VII. Possible
Claims Against the Failed Institution |
| Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process.
Please note: there are time limits for filing a claim, as specified in the notice.
If you provided a service for Meridian, and have
not received a notice, please contact:
Federal Deposit Insurance Corporation
Receiver: Meridian Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
Or:
Call toll free 1-800-568-9161 |
| Back to top |
| VIII. Priority
of Claims |
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
|
| Back to top |
| IX. Dividend Information
|
Dividend
Information on Failed Financial Institutions |
| Back to top |
|
X. Brokered Deposits |
| The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site
outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance
coverage on custodial accounts deposited in a failed FDIC Insured Institution.
Deposit Broker Processing Guide |
| Back to top |
| General Disclaimer |
