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Two Bank Failures Raise 2012 Total to 49

The ""FDIC"":http://www.fdic.gov/ added two more banks to this year's failed bank list Friday, bringing the total year-to-date to 49. The two shuttered banks were located in Illinois and Florida, each marking the eighth bank in their state to close this year.


The Florida-based bank, Heritage Bank out of Lutz, Florida, is estimated to be the more costly of last week's closures, bringing an estimated $65.5 million loss to the FDIC.


""Centennial Bank"":http://www.my100bank.com/ of Conway, Arkansas, agreed to assume all Heritage Bank's deposits, and the three branches of Heritage Bank reopened this past weekend as branches of Centennial Bank.

Heritage Bank of Florida held about $225.5 million in assets and $223.3 million in deposits as of the end of the third quarter of this year.

In addition to assuming the bank's deposits, Centennial will purchase about $193.7 million of Heritage's assets.

The 49th bank to fail this year was Citizens First National Bank in Princeton, Illinois.

""Heartland Bank and Trust Company"":http://www.hbtbank.com/ of Bloomington, Illinois, is now operating Citizens First National Bank's 21 branches and has assumed all of its deposits.

The failed bank held $869.4 million as of the end of September.

Heartland has also agreed to purchase almost all of the failed bank's assets, which totaled $924 million as of the end of September.

The total loss to the FDIC as a result of Citizens First National's closing is estimated at $45.2 million.


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