US regulators close 2 small lenders

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Associated Press

Posted on February 28, 2014 at 6:00 PM

Updated Saturday, Mar 1 at 6:01 AM

WASHINGTON (AP) — Regulators have closed small lenders in Virginia and Pennsylvania, bringing U.S. bank failures this year to five after 24 closures in 2013.

The Federal Deposit Insurance Corp. said Friday that it has taken over Millennium Bank, N.A., based in Sterling, Va. and closed the single branch of Vantage Point Bank in Horsham, Pa.

Millennium Bank, which operated two branches, had $130.3 million in assets and $121.7 million in deposits as of Dec. 31.

Vantage Point Bank had roughly $63.5 million in assets and $62.5 million in deposits as of Dec. 31.

Regulators lined up other lenders to assume the two failed banks' deposits and buy their assets.

The two bank failures are expected to cost the deposit insurance fund $16.2 million.

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