Washington-based Horizon Bank became the first US bank to be closed by the regulators in 2010, costing the Federal Deposit Insurance Corporation around $540 million.

FDIC said that Seattle-based lender, Washington Federal, would take over roughly all of Horizon's $1.3 billion in assets and $1.2 billion in deposits.

Separately, California banking regulators ordered the closure of Bakersfield-based Kern Central Credit Union due to shortfall of funds at the union.

Kern Central Credit Union had three branches and $34.9 million in assets. It used to serve farm workers.

The National Credit Union Administration has been appointed as Kern Central Credit Union's liquidating agent.

Durham-based Self-Help Federal Credit Union has agreed to assume Kern's $34.9 million in assets.

It may be noted here that FDIC closed 140 banks last year.