WASHINGTON (AP) — Regulators on Friday closed two small banks in Florida and one in Kentucky, bringing the total number of U.S. bank closures to eight for this year.
The Federal Deposit Insurance Corp. said that state regulators closed First Federal Bank, based in Lexington, Ky.
The bank had about $100.1 million in assets and $93.9 million in deposits as of Dec. 31.
Your Community Bank, based in New Albany, Ind., agreed to assume all of First Federal’s deposits and buy essentially all of the failed lender’s assets.
The FDIC also shuttered Florida lenders Heritage Bank of North Florida and Chipola Community Bank.
Heritage Bank, which had two branches and was based in Orange Park, had about $110.9 million in assets and $108.5 million in deposits. FirstAtlantic Bank, based in Jacksonville, Fla., agreed to assume Heritage Bank’s deposits and purchase essentially all its assets.
Chipola Community Bank, based in Marianna, had a single branch and about $39.2 million in assets and $37.6 million in deposits.
First Federal Bank of Florida, in Lake City, Fla., agreed to assume the deposits and purchase essentially all of Chipola’s assets.
The failure of the three banks is expected to cost the deposit insurance fund a combined $50.2 million.