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Regulators Take Over A South Florida Bank

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FORT LAUDERDALE (CBSMiami/AP) — A South Florida bank has been over by federal regulators.

The regulators have closed a lender in Illinois and one in Fort Lauderdale, bringing U.S. bank failures this year to 11 after 24 closures in all of 2013.

The Federal Deposit Insurance Corp. said Friday that it has taken over Valley Bank in Moline, Illinois. The bank had 13 branches and assets of $456.4 million.

Great Southern Bank of Reeds Spring, Missouri will assume all of the deposits of Valley Bank.

The FDIC also is taking over another Valley Bank, this one based in Fort Lauderdale. It has four branches and total assets of $81.8 million. Landmark Bank N.A. of Fort Lauderdale is assuming all of the deposits of Valley Bank.

The two bank failures are expected to cost the deposit insurance fund $51.4 million and $7.7 million, respectively.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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