Regulators close small Illinois bank

WASHINGTON (AP) — Regulators have closed a small lender in Illinois, bringing U.S. bank failures this year to 16 after 24 closures in all of 2013.

The Federal Deposit Insurance Corp. said Friday that it has taken over The National Republic Bank of Chicago, based in Chicago.

The bank, which operated two branches, had about $954.4 million in assets and $915.3 million in deposits as of June 30.

State Bank of Texas, based in Dallas, has agreed to buy about $626.1 million of the failed bank's assets and assume all of National Republic Bank's deposits.

National Republic Bank's failure is expected to cost the deposit insurance fund $111.6 million.