Regulators close small bank in Maryland; brings US bank failures to 15 in 2014

Economic Indicators Associated Press

Regulators have closed a small lender in Maryland, bringing U.S. bank failures this year to 15 after 24 closures in all of 2013.

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The Federal Deposit Insurance Corp. said Friday that it has taken over NBRS Financial Bank of Rising Sun, Maryland.

The bank, which operated five branches, had about $188.2 million in assets and $183.1 million in deposits as of June 30.

Howard Bank of Ellicott City, Maryland, has agreed to pay the FDIC a premium of 1.19 percent to assume all of the failed bank's deposits. The five NBRS Financial branches will reopen as branches of Howard Bank during their normal business hours.