US regulators Close 3 Banks In Minnesota, Illinois, Utah

Two small banks were closed in Illinois and Minnesota and sold to other lenders, but the FDIC was unable to secure a buyer for a third failed bank in Utah and instead created a bridge bank to give customers time to transfer their money elsewhere.

In Illinois, state regulators shut down Town Community Bank and Trust in Antioch.

Town Community Bank and Trust, which only had one branch, had approximately $69.6 million in assets and $67.4 million in total deposits as of Sept. 30, 2009, according to the FDIC.

First American Bank in Elk Grove Village, Ill., agreed to assume all of Town Community Bank and Trust's deposits through a deal with the FDIC. Under the deal, the FDIC and First American Bank will share in losses on about $56.2 million of Town Community Bank and Trust's assets.

Town Community Bank's sole branch will reopen Saturday as a branch of First American Bank.