The Illinois Department of Financial and Professional Regulation closed the $54.7 million-asset Highland Community Bank in Chicago on Friday.

United Fidelity Bank in Evansville, Ind., entered into an agreement with the Federal Deposit Insurance Corp. to buy the failed bank's assets and assume its $53.5 million in deposits.

The failure, the second of the year, is expected to cost the Deposit Insurance Fund $5.8 million.

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