On July 10, the OCC closed a savings and loan association headquartered in Indiana, which reported total assets of $3.73 million and total deposits of $3.65 million as of March 31. The OCC appointed the FDIC as receiver. The FDIC noted that the bank was “the smallest standalone bank in the United States.” The FDIC entered into an agreement under which another Indiana-based bank, unaffiliated with the closed institution, agreed to purchase substantially all of its assets and assume all of its deposits. The closed institution’s sole branch will permanently close, and its depositors will automatically become depositors of the acquiring bank, with deposits continuing to be insured by the FDIC. The FDIC preliminarily estimated that the failure would cost the Deposit Insurance Fund approximately $1.2 million.