Chicago south side bank closed by regulators

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CHICAGO -- Highland Community Bank on Chicago's south side has been closed by regulators.

The closure marks the second US bank to fail so far this year.

Last year alone, 18 banks failed across the nation.

United Fidelity Bank of Evansville, Indiana is agreeing to assume the bank's deposits and failed assets.

The closure is expected to cost the Federal Deposit Insurance fund (FDIC) nearly $6 million dollars.

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