What a day you've had! The facts you provide are not enough to have a clear understanding and opinion on a case for liability for malicious prosecution or a similar charge/claim. The fact that the police apparently saw enough evidence to arrest you may help to support the defense that the Bank was not unreasonable, even if incorrect. (Moreover, if your hands were in anyway unclean in this event (ie. were you actually aware that the check was bad/illegit but thought you'd give it a try anyway?), you could be setting yourself up for some trouble in that regard, so if that was the case, I would let sleeping dogs lie, and count yourself lucky).
Insufficient evidence to convict does not equate with malicious prosecution. Again, far more detail, including Bank's position and evidence, would be needed to broach the liability issue further. However, for a civil suit, you would have to be able to prove damages as well as liability. You spent 8 hours in jail, certainly a loss, but how much is it worth, would a jury decide? Would it be valued near the value of what you would have earned had you been at work? Would there be added damages for your stress? It is very possible that the value of your damages, although existing, could not be terribly high, even if you could prove liability.
However, that being said, it does not mean you should not contact a lawyer in your area who can look at those details and determine if a claim could reasonably be made against the Bank. Despite any potential weaknesses in the case, if a settlement could be made based on what strengths there may be and to avoid litigation, publicity, etc., you may be able to find a lawyer to represent you contingently.
Good luck with it, whatever you decide. If this answe has been helpful or informative, please click the GREEN "ACCEPT" button NOW, in order that same will be recognized as such and I receive credit for same. It is greatly appreciated! "FEEDBACK" and BONUSES are also greatly appreciated.