U.S. bank regulators on Friday closed Centennial Bank of Odgen, Utah, bringing the number of failed banks so far this year to 26.
The Federal Deposit Insurance Corp said Centennial Bank had approximately $215.2 million in total assets and $205.1 million in total deposits.
The FDIC was unable to find another financial institution to take over the banking operations of Centennial Bank. As a result, checks to the retail depositors for their insured funds will be mailed on Monday, the FDIC said.
The FDIC entered into an agreement with Zions First National Bank, Salt Lake City, Utah, to accept the failed bank's direct deposits from the federal government, such as Social Security and Veterans' payments.
(Reporting by Doug Palmer)