US regulators close small lender in Ohio

Published on NewsOK Modified: May 23, 2014 at 4:26 pm •  Published: May 23, 2014
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WASHINGTON (AP) — Regulators have closed a small lender in Ohio, marking the eighth U.S. bank failure of 2014 after 24 closures last year.

The Federal Deposit Insurance Corp. said Friday that it has taken over Cincinnati-based Columbia Savings Bank.

The lender, which operated a single branch, had about $36.5 million in assets and $29.5 million in deposits as of March 31.

United Fidelity Bank, based in Evansville, Indiana, has agreed to assume Columbia Savings' deposits and to buy essentially all of the failed bank's assets.

Columbia Savings' failure is expected to cost the deposit insurance fund $5.3 million.