Federal regulators have closed small banks in Georgia and Illinois, bringing to 15 the number of banks that have failed so far this year.
The pace of bank closures has slowed sharply. By this time last year, 25 banks had failed. On Friday the Federal Deposit Insurance Corp. shuttered Covenant Bank & Trust in Rock Spring, Ga., and Premier Bank, based in Wilmette, Ill. Each bank had two branches.
Covenant had about $95.7 million in assets and $90.6 million in deposits as of Dec. 31. Stearns Bank, National Association of St. Cloud, Minn., agreed to assume Covenant Bank’s deposits and assets. Premier had about $268.7 million in assets and $199 million in deposits. International Bank of Chicago agreed to assume Premier’s deposits and assets.