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Saturday
Apr092011

US Regulators Close 28th Bank of the Year

Chip Somodevilla / Getty Images(WASHINGTON) -- The total of U.S. bank failures this year stands at 28, after banks in Illinois and Nevada were closed by federal regulators on Friday.

The assets from Nevada Commerce Bank will be assumed by the City National Corp.'s City National Bank.

Heartland Bank and Trust Co. has agreed to assume the deposits of Western Springs National Bank and Trust.

Combined, the two bank failures will cost the federal deposit insurance fund $62.9 million.

Last year 157 banks failed, the most since the savings and loan crisis ended in 1992.

Copyright 2011 ABC News Radio

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