Bank failures in Fla., Ill. bring 2012 total to 49

Associated Press Modified: November 2, 2012 at 6:00 pm •  Published: November 2, 2012
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WASHINGTON (AP) — Regulators on Friday closed a bank in Florida and one in Illinois, bringing to 49 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. seized Heritage Bank of Florida, based in Lutz, Fla., and Citizens First National Bank, based in Princeton, Ill.

The two bank failures are expected to cost the deposit insurance fund $110.7 million.

Heritage Bank had about $225.5 million in assets and $223.3 million in deposits as of Sept. 30. Centennial Bank, based in Conway, Ark., agreed to assume Heritage's deposits and purchase about $193.7 million of its assets.

Heritage Bank, which had three branches, is the eighth FDIC-insured institution to fail in Florida this year.

Citizens First had $924 million in assets and $869.4 million in deposits as of Sept. 30.

Heartland Bank and Trust Co., based in Bloomington, Ill., will assume Citizens First's assets and essentially all of its deposits.

Citizens First had 21 branches. It is the eighth FDIC-insured institution to be seized by regulators in Illinois this year.

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