Regulators on Friday closed The National Republic Bank of Chicago, the 16th institution to fail this year.

The $954 million-asset bank was closed by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC announced a deal to sell $626 million of the failed bank's assets to State Bank of Texas in Dallas. The acquirer will also assume all of the failed bank's $915 million in deposits.

The two branches of The National Republic Bank of Chicago will reopen under normal business hours as part of the State Bank of Texas.

The failure is estimated to cost the Deposit Insurance Fund $111.6 million. The National Republic Bank of Chicago is the fifth institution in Illinois to fail this year.

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