Regulators in the US closed two small banks on Friday, bringing the total number of shuttered institutions in 2011 to 25. In 2010 157 banks failed while 140 failed in 2009. The bulk of the closed banks have increasingly been smaller institutions, those with less than $1 billion in assets, as large banks have recovered more quickly from the 2007-2009 financial crisis.
The FDIC announced on Friday that authorities closed Legacy Bank in Milwaukee, Wisconsin, which had $190.4 million in assets as of December 31, 2010. Seaway Bank and Trust Co, Chicago, has assumed Legacy's deposits. The other closed bank was the First National Bank of Davis in Davis, Oklahoma.