Oct. 10 (Bloomberg) -- Meridian Bank, of Eldred, Illinois, was closed by regulators today, the 15th to fail this year, as amid tightening credit and a deepening housing slump.

Meridian, with $39.1 million in assets and $36.9 million in deposits as of Sept. 25, was shut by the Illinois Department of Financial Professional Regulation, and the Federal Deposit Insurance Corp. was named receiver. National Bank, of Hillsboro, Illinois, is acquiring the deposits of Meridian. Four of the failed bank's branches will reopen tomorrow and one will reopen Oct. 14 as branches of National Bank, the FDIC said.

To contact the reporters on this story: Alison Vekshin in Washington at avekshin@bloomberg.net; To contact the reporter on this story: Ian Katz in Washington at ikatz2@bloomberg.net.

Last Updated: October 10, 2008 18:34 EDT