By Anthony Lazarus| From | On Friday, August 3rd, 2012

SAN FRANCISCO (MarketWatch) – Waukegan Savings Bank of Waukegan, Ill., was closed by regulators on Friday and is the 40th U.S. bank failure of the year, the Federal Deposit Insurance Corp. said. First Midwest Bank of Itasca, Ill., will assume the $77.5 million in deposits of Waukegan Savings Bank, and also purchase its roughly $89 million in assets. The cost of the failure of the two-bank branch to the FDIC’s deposit-insurance fund will be $19.8 million.

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