Regulators shut down yet another bank - KWWL - Eastern Iowa Breaking News, Weather, Closings

Regulators shut down yet another bank

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WASHINGTON (AP) -- Regulators have shut down a small bank in Florida, lifting the number of U.S. bank failures this year to 128, amid mounting loan defaults and lingering economic distress.

The Federal Deposit Insurance Corp. on Friday took over Wakulla Bank, based in Crawfordville, Fla., with $424.1 million in assets and $386.3 million in deposits.  Centennial Bank, based in Conway, Ark., agreed to assume the assets and deposits of Wakulla Bank.

The failure of Wakulla Bank is expected to cost the deposit insurance fund $113.4 million.

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