Regulators close small bank in Florida; first US bank failure of 2015

Regulators have closed a small lender in Florida, making it the first U.S. bank failure of 2015 following 18 closures last year.

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The Federal Deposit Insurance Corp. said Friday that it has taken over First National Bank of Crestview, in Crestview, Florida.

The bank operated three branches and had $78.7 million in assets and $78.6 million in deposits as of Sept. 30.

First NBC Bank, based in New Orleans, agreed to assume all of First National Bank of Crestview's deposits and to buy about $62 million of the failed bank's assets.

The failure of First National Bank of Crestview is expected to cost the federal deposit insurance fund $4.4 million.

U.S. bank failures have been declining since peaking at 157 in 2010 following the financial crisis and the Great Recession.