The Office of the Comptroller of the Currency has closed Slavie Federal Savings Bank in Bel Air, Md.

The Federal Deposit Insurance Corp. entered into an agreement with Bay Bank in Lutherville, Md., to sell $129.9 million of the failed bank's $140.1 million in assets. The FDIC said in a press release Friday that it would retain the remaining assets for later disposition. 

Bay Bank also agreed to pay a 0.2% premium to assume Slavie Federal's $111.1 million in deposits. 

Slavie Federal’s failure is expected to cost the Deposit Insurance Fund $6.6 million. It is the ninth bank to fail so far this year.

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