Connecticut regulators on Friday closed Fairfield First Bank and Trust Co., the 40th bank to fail in the state since 1989.

The Fairfield bank's two branches and $57.5 million in deposits were assumed by Norwalk Savings Society, which paid a premium of $3.9 million to the Federal Deposit Insurance Corp. The Norwalk thrift also bought $39.8 million in assets.

In addition, New England Bank and Trust Co., Windsor, bought another $1 million in nonperforming assets for a premium of $24,000, while the FDIC retained about $19.9 million in assets.

FDIC officials estimated the cost to the Bank Insurance Fund to be about $5.1 million.

This is the fourth bank failure this year and the first in Connecticut since Founders Bank in New Haven was closed in July 1995.

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