US Regulators Close 2 Small Lenders

Regulators have closed small lenders in Virginia and Pennsylvania, bringing U.S. bank failures this year to five after 24 closures in 2013.

The Federal Deposit Insurance Corp. said Friday that it has taken over Millennium Bank, N.A., based in Sterling, Va., and closed the single branch of Vantage Point Bank in Horsham, Pa.

Millennium Bank, which operated two branches, had $130.3 million in assets and $121.7 million in deposits as of Dec. 31. WashingtonFirst Bank, based in Reston, Va., has agreed to assume its deposits and buy its assets.

First Choice Bank, based in Mercerville, N.J., will assume Vantage Point Bank's $62.5 million in deposits and its $63.5 million in assets.

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