The Ohio Division of Financial Institutions closed Columbia Savings Bank in Cincinnati on Friday.

The Federal Deposit Insurance Corp. entered into an agreement with United Fidelity Bank in Evansville, Ind., to assume the bank's $29.5 million in deposits. United also has agreed to acquire essentially all of the bank's assets, which totaled $36.5 million at the end of the first quarter.

The FDIC expects the failure to cost the Deposit Insurance Fund $5.3 million.

Columbia is eighth bank to fail so far this year, but the first failure in Ohio since regulators closed Bramble Savings Bank in Milford in September 2010.

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