WASHINGTON — A bank collapse in Florida and one in Illinois late Friday brought the industry's failure toll to 49 this year.
Regulators closed the $225 million-asset Heritage Bank of Florida in Lutz, and the $924 million-asset Citizens First National Bank in Princeton, Ill. The two failures were estimated to cost the Federal Deposit Insurance Corp. a combined $111 million.
Heritage's operations were sold to Centennial Bank in Conway, Ark. The acquirer agreed to assume all of the failed bank's $223 million in deposits, and will take over management of Heritage's three branches when they reopen Monday. Centennial also agreed to purchase about $194 million of the failed bank's assets. The failure was estimated to cost the FDIC $65 million. Eight banks have failed in Florida this year.
Heartland Bank and Trust Co. in Bloomington, Ill., will take all of Citizens First National's $869 million in deposits, as well as roughly all of its assets. The failed bank's 21 branches will reopen on Saturday as part of Heartland. The failure, the eighth this year in Illinois, was estimated to cost the FDIC just over $45 million.