The Federal Deposit Insurance Corp said regulators closed two failing banks on Friday -- Paramount Bank of Farmington Hills, Michigan, and Earthstar Bank of Southampton, Pennsylvania.

The FDIC said Level One Bank in Farmington Hills, a Detroit suburb, will take over all depositors and branches of Paramount, while Polonia Bank of Huntington Valley, Pennsylvania, will take over the depositors and branches of Earthstar Bank.

(Reporting by David Lawder)