WASHINGTON -(Dow Jones)- U.S. federal bank regulators announced on Friday the closure of two banks, Lakeside Community Bank in Sterling, Mich., and First Federal Bank of North Florida in Palatka, Fla.
The Federal Deposit Insurance Corp. said it couldn't find another financial institution to acquire Lakeside's banking operations. Checks for depositors' insured funds will be put in the mail Monday, the FDIC said in a statement.
First Michigan Bank of Troy, Mich., will take over the failed bank's direct deposits from the federal government such as Social Security and Veterans' payments, the FDIC said.
The Office of Thrift Supervision, meanwhile, on Friday closed the First Federal Bank of North Florida, and appointed the FDIC as receiver.
Depositors' accounts are covered by FDIC deposit insurance up to the statutory limits, the OTS said in a statement.
Copyright 2009 Dow Jones Newswires
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