The Federal Deposit Insurance Corp. (FDIC) closed two subsidiaries of a $3.2 billion-asset banking company in Indiana on Friday, bringing the year's bank failure total to 94.

The failures of $2.7 billion-asset Irwin Union Bank and Trust Co., of Columbus, Ind., and $493 million-asset Irwin Union Bank, of Louisville, Ken., will wind up costing the FDIC's insurance fund $850 million.

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