Chicago bank shuttered, makes 3rd failure of 2013 WASHINGTON (AP) — Regulators say they have closed a small bank in Chicago, bringing to three the number of U.S. bank failures this year following 51 closures in 2012. Liberty Bank and Trust Co., based in New Orleans, agreed to assume all of Covenant Bank's deposits and buy essentially all of the failed lender's assets. U.S. bank closures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.