Illinois state regulators closed the $66.3 million-asset AztecAmerica Bank in Berwyn on Friday.

The Federal Deposit Insurance Corp. entered into an agreement with Republic Bank of Chicago to buy $58.3 million of the failed bank's assets. The FDIC says it will retain the remaining assets for later disposition. Republic Bank also agreed to pay a 1.025% premium to assume the failed bank’s $65 million in deposits. 

The failure is expected to cost the Deposit Insurance Fund $18 million. It is the seventh bank to fail so far this year and the second in Illinois. 

The deal is the fifth failed bank acquisition undertaken by the $1.33 billion-asset Republic Bank since Jan. 2009.

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