WASHINGTON — Regulators have closed a small bank in Illinois, bringing to 40 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. on Friday seized Waukegan Savings Bank, based in Waukegan, Ill.

The bank had about $88.9 million in assets and $77.5 million in deposits as of March 31.

The failure of Waukegan Savings is expected to cost the deposit insurance fund $19.8 million.

— Staff and wire reports