Regulators closed another Chicago-area bank, Palos Bank and Trust Co., on Friday, bringing the total number of failures since the start of the year to 110.

The Federal Deposit Insurance Corp. arranged for First Midwest Bank to take over the failed institution's five branches, along with its $467.8 million in deposits and $493.4 million in assets.

Palos Bank, based in Chicago's southwest suburbs, is the 14th Illinois bank to fail this year.

First Midwest Bank, of Itasca, Ill., agreed to pay a premium of 1 percent for the deposits. First Midwest and the FDIC will share in the losses on $343.8 million of Palos Bank's assets.

First Midwest also has purchased the remains of two other failed Illinois banks. Its parent company, First Midwest Bancorp Inc., got $193 million in taxpayer aid through the Troubled Asset Relief Program.

Palos Bank had been operating since last October under a cease-and-desist order from the FDIC that called for it to retain and maintain qualified management, to ensure adequate board supervision, to boost capital and reduce bad loans, among other things.

According to one news account at the time, the bank was told to raise at least $17 million in new capital to help offset losses on its loan portfolio, much of which was tied to the shaky real estate market.

Last week, the only bank shut down by regulators was Ravenswood Bank, which had headquarters in Chicago.

The FDIC said this Friday's failure would cost its deposit insurance fund an estimated $72 million.