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

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

The Federal Deposit Insurance Corp. said Friday that it has taken over Millennium Bank, N.A., based in Sterling, Va.

The lender, which operated two branches, had $130.3 million in assets and $121.7 million in deposits as of Dec. 31.

WashingtonFirst Bank, based in Reston, Va., has agreed to pay the FDIC a premium of 1 percent to assume Millennium Bank's deposits.

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

Millennium Bank's failure is expected to cost the deposit insurance fund $7.7 million.