Regulators shut small banks in Illinois, Mississippi -

Regulators shut small banks in Illinois, Mississippi

WASHINGTON (AP) -- Regulators have shut down small banks in Mississippi and Illinois, boosting the number of U.S. bank failures this year to 80.

The Federal Deposit Insurance Corp. took over First National Bank, based in Rosedale, Miss., with $60.4 million in assets, and Arcola Homestead Savings Bank in Arcola, Ill., with about $17 million in assets.

Jefferson Bank, based in Fayette, Miss., agreed to acquire the assets and deposits of First National Bank. The FDIC was unable to find a buyer for Arcola Homestead Savings Bank. The agency said it will mail checks to depositors for their insured funds on Monday.

(Copyright 2010 by The Associated Press. All Rights Reserved.)


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