Bank failures in Fla., Ill. bring 2012 total to 49

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Associated Press

Posted on November 3, 2012 at 5:02 AM

Updated Saturday, Nov 3 at 5:02 AM

WASHINGTON (AP) — Regulators say they have closed a bank in Florida and one in Illinois, bringing to 49 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. on Friday seized Heritage Bank of Florida, based in Lutz, Fla., and Citizens First National Bank, based in Princeton, Ill.

Heritage Bank had about $225.5 million in assets and $223.3 million in deposits as of Sept. 30.

Centennial Bank, based in Conway, Ark., agreed to assume Heritage's deposits and purchase about $193.7 million of its assets.

Citizens First had $924 million in assets and $869.4 million in deposits as of Sept. 30.

Heartland Bank and Trust Co., based in Bloomington, Ill., will assume Heartland's assets and deposits.

The two bank failures are expected to cost the deposit insurance fund $110.7 million.

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