Three Banks and One Credit Union are Closed by Regulators So Far Today

Failed banks as reported by the FDIC as of 5:45pm CT:

• Sun American Bank, Boca Raton, FL with 12 branches
• Bank of Illinois, Normal, IL with 2 branches
• Waterfield Bank, Germantown, MD with 1 branch

The liquidated credit union:

• Lawrence County School Employees FCU, New Castle, PA

Only Waterfield Bank wasn't taken over by another institution. According to the FDIC "[Waterfield Bank] took deposits from customers via the Internet and 38 affinity groups." Does that ring a bell? At the bottom of UFB Direct's website

All deposit products offered through this Banking Center will be opened and deposit processing services provided by Waterfield Bank

I'll have more on this later in my full bank failure review post.