Regulators close banks in Illinois, Nevada

NEW YORK -- Regulators have closed Heritage Community Bank in Illinois, and Security Savings Bank in Nevada, marking 16 failures this year of federally insured institutions.

The Federal Deposit Insurance Corp. was appointed the receiver of the banks.

Heritage Community Bank was based in the south suburban Glenwood.

The bank had total assets of $232.9 million and deposits of $218.6 million as of Dec. 5. MB Financial Bank of Chicago agreed to assume all of Heritage's deposits, including those from brokers. All four of Heritage's branches will reopen tomorrow as branches of MB Financial.

Additionally, MB Financial agreed to buy $230.5 million in assets at a discount of $14.5 million. The FDIC will retain the remaining assets for a later sale.