Two Midwest Bank Closures Bring 2012 Tally to Nine

(NewsCore) - Charter National Bank and Trust of Hoffman Estates, Ill., and SCB Bank of Shelbyville, Ind., were closed by regulators Friday, the Federal Deposit Insurance Corporation said.

Barrington Bank & Trust Co. of Barrington, Ill., will assume all the deposits and purchase the assets of Charter National Bank, and First Merchants Bank of Muncie, Ind., will do the same for the deposits and assets of SCB Bank.

Charter National Bank had $93.9 million in total assets and $89.5 million in total deposits, while SCB Bank had $182.6 million in assets and $171.6 million in deposits. The combined hit to the FDIC's deposit-insurance fund will be $51.3 million.

The two failures are the eighth and ninth banks to go bust in 2012.