WASHINGTON — Illinois regulators closed the $493 million-asset Palos Bank and Trust Co. late Friday, the 110th failure of the year.

The Federal Deposit Insurance Corp. sold the bank, located in Palos Heights, to Itasca, Ill.-based First Midwest Bank.

The acquirer paid the FDIC a 1% premium to assume all of Palos' $468 million in deposits, and agreed to buy essentially all of the failed bank's assets. The FDIC will share losses with First Midwest on about $344 million of those assets.

The failure, the 14th this year in Illinois, was estimated to cost the FDIC $72 million.