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Two More U.S. Banks Fail

Stock quotes in this article: C , WFC , WB , JPM  

State regulators closed two small banks late Friday, bringing this year's total of failed U.S. institutions to 15. The good news was that depositors didn't lose a dime.

The Michigan Office of Financial and Insurance Regulation shut down Main Street Bank of Northville, Mich., and the Federal Deposit Insurance Corporation was named receiver. The FDIC announced that Monroe Bank and Trust of Monroe, Mich. acquired all of the failed institution's deposits.

The other failed institution was Meridian Bank of Eldred, Ill., whose deposits were all assumed by National Bank of Hillsboro, Ill. ...

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