Regulators take over small bank in Illinois; brings US bank failures to 14 in 2014

Regulators have closed a small lender in Illinois, bringing U.S. bank failures this year to 14 after 24 closures in all of 2013.

The Federal Deposit Insurance Corp. said Friday that it has taken over GreenChoice Bank FSB, based in Chicago.

The bank, which operated three branches, had about $72.9 million in assets and $71 million in deposits as of March 31.

Providence Bank LLC, based in South Holland, Illinois, has agreed to assume all of the failed bank's deposits.

The FDIC says that Providence Bank also agreed to buy roughly $67.7 million of GreenChoice Bank's assets.

The failure of GreenChoice Bank is expected to cost the deposit-insurance fund $14.2 million.