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International Law

: Misleading Advertising Law

Regulators close YTB Bank

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Interesting story about YTB's primary lender, the Meridian Bank.

"Meridian Bank, a primary lender to Wood River travel firm YTB International, was closed today by the Illinois Department of Financial Professional Regulation-Division of Banking.

The Federal Deposit Insurance Corp. took the bank into receivership and arranged for the assumption of Meridian's deposits by National Bank of Hillsboro.

All depositors of Eldred, Ill.-based Meridian, including any with deposits in excess of the FDIC's insurance limits, will automatically become depositors of National Bank, and they will continue to have uninterrupted access to their money, the FDIC said in a news release."

Thanks to jd from Blue Mau Mau for the tip.

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Full post as published by Misleading Advertising Law on October 14, 2008 (boomark / email).

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