Regulators closed a bank in Idaho for the first time in nearly five years.

The Idaho Department of Finance closed the $153.4 million-asset Syringa Bank in Boise on Friday.

The Federal Deposit Insurance Corp. entered into an agreement with Sunwest Bank in Irvine, Calif., to acquire all of the failed bank's assets. Sunwest also agreed to pay a 0.75% premium to assume Syringa’s $145.1 million in deposits.

The failure – the year's third – is expected to cost the Deposit Insurance Fund $4.5 million. The last bank to fail in the state was First Bank of Idaho in Ketchum in April 2009.

The deal is Sunwest's fifth failed-bank acquisition. Since 2009, it has picked up failed banks in Arizona, California and Washington.

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