Illinois Bank Closes - Not Same Bank as AZ's Meridian Bank
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PHOENIX, Oct. 10 /PRNewswire/ -- An Arizona Bank with more than $2 billion in assets has had some phone calls from customers concerned that their Meridian Bank (of AZ) is the same bank as one that was closed by regulators in Illinois.
"We can understand the confusion," said Meridian Bank (of AZ) Chairman and CEO Doug Hile. "While we share a name, that's where the similarities end. We are owned by a family that has been in the banking business since the 1950s. The bank's owners, the Pohlad family, own diverse investments including the Minnesota Twins of Major League Baseball. With substantial capital they can see us through a challenging economy."
Meridian Bank of Arizona has a 30 year history in the Valley with nine branches serving several thousand customers.
"One thing to emphasize is that all of the deposits of banks are protected by the FDIC -- Federal Depository Insurance Corporation -- up to $250,000 or more per account owner depending on the titling," said Hile. "That's what should give folks with money in the bank assurance more than anything else."
For more information on Meridian Bank of Arizona, please contact Jason Rose or Jim Sharpe.
SOURCE Meridian Bank of Arizona
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