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US regulators close small Chicago bank

Created: 01/26/2015 4:21 AM
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WASHINGTON (AP) — Regulators have closed a small lender in Chicago, making it the second U.S. bank failure of 2015 following 18 closures last year.

The Federal Deposit Insurance Corp. said Friday that it has taken over Highland Community Bank, which operated two branches.

The bank had $54.7 million in assets and $53.5 million in deposits as of Dec. 31.

United Fidelity Bank, based in Evansville, Indiana, agreed to assume all of Highland Community Bank's deposits and to buy essentially of the failed bank's assets.

The failure of Highland Community Bank is expected to cost the federal deposit insurance fund $5.8 million.

U.S. bank failures have been declining since peaking at 157 in 2010 following the financial crisis and the Great Recession.

(Copyright 2015 by The Associated Press. All Rights Reserved.)

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