Federal regulators close U.S. bank

Federal regulators closed a Chicago-area bank half-owned by the multi-billionaire Pritzker family that has been battered by huge losses on loans to high-risk borrowers.

The failure of Superior Bank is expected to cost the federal insurance fund an estimated $500m (stg£351m), according to banking experts who have reviewed its operations, which would make it one of the costliest failures of a US financial institution.