WASHINGTON - A $114 million-asset bank based in Carlisle, Iowa, was shut down Friday amid allegations of fraud.Iowa regulators closed Hartford-Carlisle Savings Bank after a November examination revealed $12 million in apparent losses from fraudulent loans allegedly made by the bank's president, according to a state press release. It was the first federally insured depository institution to fail in 2000.

The Federal Deposit Insurance Corp. - the bank's receiver and its primary federal regulator - predicted the loss would cost the federal insurance funds $18 million to $25 million, or 16% to 22% of the failed bank's assets, a higher loss than usual. About $15.9 million of the bank's $68.5 million of deposits were uninsured, including $11.7 million owned by the local government and schools.

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