The Canadian PressJanuary 31, 2014 23:47
WASHINGTON - Regulators closed a small lender in Idaho on Friday, marking the third U.S. bank failure of 2014 after 24 closures last year.
The Federal Deposit Insurance Corp. said it has taken over Syringa Bank, based in Boise, Idaho. The lender, which operated six branches, had $153.4 million in assets and $145.1 million in deposits as of Sept. 30.
Sunwest Bank, based in Irvine, Calif., has agreed to pay the FDIC a premium of 0.75 per cent to assume Syringa Bank's deposits. It also agreed to buy essentially all of the failed bank's assets.