Regulators close Neb. bank, 10th failure this year

Regulators have closed Sherman County Bank in Nebraska, the 10th failure this year of a federally insured bank.

The Federal Deposit Insurance Corp. was appointed receiver of the bank, located in Loup City, Neb. It had $129.8 million in assets and $85.1 million in deposits as of Feb. 12.

The FDIC said Friday that the failed bank's deposits will be assumed by Heritage Bank, based in Wood River, Neb. Sherman County's four branches, including those that operated under the name Howard County Bank, will reopen on Tuesday as branches of Heritage Bank.