US regulators close small lender in Idaho

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Associated Press

Posted on February 1, 2014 at 3:01 AM

WASHINGTON (AP) — Regulators have closed a small lender in Idaho, marking the third U.S. bank failure of 2014 after 24 closures last year.

The Federal Deposit Insurance Corp. said Friday that it has taken over Syringa Bank, based in Boise, Idaho.

The lender, which operated six branches, had $153.4 million in assets and $145.1 million in deposits as of Sept. 30.

Sunwest Bank, based in Irvine, Calif., has agreed to pay the FDIC a premium of 0.75 percent to assume Syringa Bank's deposits.

It also agreed to buy essentially all of the failed bank's assets.

Syringa Bank's failure is expected to cost the deposit insurance fund $4.5 million.

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