Wednesday, Dec 07, 2016
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Economy

Federal regulators take over small bank in Cincinnati; makes 8th U.S. bank failure this year

WASHINGTON — Regulators have closed a small lender in Ohio, marking the eighth U.S. bank failure of 2014 after 24 closures last year.

The Federal Deposit Insurance Corp. said today that it has taken over Cincinnati-based Columbia Savings Bank.

The lender, which operated a single branch, had about $36.5 million in assets and $29.5 million in deposits as of March 31.

United Fidelity Bank, based in Evansville, Indiana, has agreed to assume Columbia Savings’ deposits and to buy essentially all of the failed bank’s assets.

Columbia Savings’ failure is expected to cost the deposit insurance fund $5.3 million.

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