WASHINGTON, Feb 11: US regulators have closed two banks, bringing the total number of foreclosures this year to nine.

SCB Bank of Shelbyville, Indiana, will reopen as branches of First Merchants Bank, National Association, of Muncie, Indiana, the Federal Deposit Insurance Corp said.

As of Dec 31, SCB Bank had about $182.6m in total assets and $171.6m in total deposits. First Merchants Bank will assume all of the deposits and assets, FDIC said.

FDIC also said Charter National Bank and Trust of Hoffman Estates, Illinois, was closed on Friday. Barrington Bank and Trust Co, National Association, of Barrington, Illinois will assume all of its deposits.

As of the end of 2011, Charter National Bank and Trust has about $93.9 million in total assets and $89.5 million in deposits.

As economy recovers and the 2007-2009 financial crisis fades, the pace of bank failures has slowed.—Reuters