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Regulators have closed a bank in Illinois, bringing the number of bank failures for the year to 40.

The Federal Deposit Insurance Corp. or FDIC on Friday captured Waukegan, Ill.-based Waukegan Savings Bank, with about $88.9 million in assets and $77.5 million in deposits as of March 31.

First Midwest Bank, based in Itasca, agreed to buy all of the failed bank's deposits and buy essentially all of its assets as part of a purchase-and-assumption deal with the FDIC. First Midwest Bank is a wholly owned unit of First Midwest Bancorp Inc.

The failure of Waukegan Savings Bank is estimated to cost the Deposit Insurance Fund $19.8 million. The FDIC insures deposits for up to $250,000 per depositor.

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