Bank regulators closed First Bank of Beverly Hills in Calabasas, California, on Friday, the 28th U.S. bank to fail this year.

The Federal Deposit Insurance Corp said First Bank of Beverly Hills had $1.5 billion in assets and $1 billion in deposits.

FDIC said it had approved the payout of the insured deposits. The bank was closed by the California Department of Financial Institutions, which appointed the FDIC as the receiver.

(Reporting by Richard Cowan)