Two U.S. banks shuttered this week

March 24, 2012 at 11:21 AM
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WASHINGTON, March 24 (UPI) -- Finance regulators said banks Georgia and Illinois were closed this week.

The Georgia Department of Banking and Finance said it closed Covenant Bank & Trust of Rock Spring, Ga., which had about $95.7 million in assets and $90.6 million in total deposits.

A Minnesota bank, Stearns Bank, agreed to take over the company, which was Georgia's fourth bank to fail this year, The Wall Street Journal reported.

Regulators also seized the Premier Bank of Wilmette, Ill.which had $268.7 million in total assets and $199 million total deposits.

The International Bank of Chicago agreed to assume the Illinois bank's operations.

The bank failures are expected to cost the Federal Deposit Insurance Corp. $31.5 million and $64.1 million, respectively.

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