Banks closed in Iowa, La; 90 failures in 2011

November 18, 2011 - 9:00 PM

WASHINGTON (AP) — Regulators have closed small banks in Iowa and Louisiana, lifting to 90 the number of bank failures in the U.S. this year.

The Federal Deposit Insurance Corp. on Friday seized Polk County Bank, based in Johnston, Iowa, with $91.6 million in assets and $82 million in deposits, and Central Progressive Bank, based in Lacombe, La., with $383.1 million in assets and $347.7 million in deposits.

The failure of Polk County Bank is expected to cost the deposit insurance fund $12 million; that of Central Progressive Bank is expected to cost $58.1 million.