WASHINGTON — Regulators closed a bank in Louisiana, and another in Iowa, late Friday to bring the year’s failure total to 90.
The closures of the $383 million-asset Central Progressive Bank in Lacombe, La., and the $91.6 million-asset Polk County Bank in Johnston, Iowa, together were estimated to cost the Federal Deposit Insurance Corp. just over $70 million. Both failures were the first to hit their respective state this year.
The FDIC said all of Central Progressive Bank's nearly $348 million in deposits will be assumed by First NBC Bank in New Orleans. The acquirer will also take just over $354 million of the failed bank's assets. The failure was estimated to cost $58.1 million.
Grinnell State Bank in Grinnell, Iowa, agreed to assume all of Polk County Bank's $82 million in deposits, as well as acquire roughly all of the failed bank’s assets. The failure was estimated to cost $12 million.