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

Economic IndicatorsAssociated 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.

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

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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.