WASHINGTON (Reuters) - U.S. bank regulators closed Bank of Illinois bank of Normal, Illinois and Waterfield Bank of Germantown, Maryland on Friday as deteriorating loans continued taking a toll on financial institutions.
The Federal Deposit Insurance Corp (FDIC) said Bank of Illinois had $211.7 million in assets and $198.5 million in deposits.
Heartland Bank and Trust of Bloomington, Illinois agreed to assume the deposits of Bank of Illinois, whose two branches will reopen on Saturday as branches of Heartland.
The FDIC said Waterfield Bank had $155.6 million in assets and $156.4 million in deposits.
The FDIC created a depository institution, also called Waterfield Bank, to take over the operations of the closed bank. The new institution will remain open until April 5 to allow depositors access to their insured funds and time to move accounts to other insured institutions.
Earlier on Friday, the FDIC said regulators had closed Sun American Bank of Boca Raton, Florida. The three closings bring the number of bank failures so far this year to 25.
(Reporting by Doug Palmer)
