WASHINGTON (AP) - Regulators say they have closed two small banks in Florida, bringing to 45 the number of U.S. bank failures this year.
The Federal Deposit Insurance Corp. seized GulfSouth Private Bank, based in Destin, and First East Side Savings Bank, based in Tamarac.
GulfSouth had about $159.1 million in assets and $151.1 million in deposits as of June 30.
SmartBank, based in Pigeon Forge, Tenn., agreed to assume all of GulfSouth's deposits and purchase essentially all of its assets.
First East Side had about $67.2 million in assets and $65.9 million in deposits.
Stearns Bank NA, based in St. Cloud, Minn., agreed to assume all of the bank's deposits and essentially all of its assets.
The two bank failures are expected to cost the deposit insurance fund $45.2 million.