WASHINGTON (AP) — Regulators have closed a small bank in Connecticut, bringing the number of U.S. bank failures to 20 this year.
The Federal Deposit Insurance Corp. said Friday it has taken over The Community's Bank, based in Bridgeport, Conn.
The lender had about $26.3 million in assets and $25.7 million in deposits as of June 30.
The FDIC was unable to find another financial institution to take over the failed lender's banking operations.
As a result, the FDIC says it will mail checks directly to depositors for the amount in their accounts that's insured.
The FDIC insures deposits up to $250,000 per depositor.
The failure of The Community's Bank is expected to cost the deposit insurance fund $7.8 million.
The lender is the first FDIC-insured institution to fail in Connecticut this year.