The first bank failure in Illinois in 2011 came Friday when Community First Bank-Chicago was closed by state banking regulators, the Federal Deposit Insurance Corp. said.

Community First Bank has only one branch, at the intersection of Western Avenue and Howard Street. The FDIC said the branch would reopen Saturday as part of Northbrook Bank and Trust Co.

As of Dec. 31, Community First Bank-Chicago had approximately $51.1 million in total assets and $49.5 million in total deposits, the FDIC said. The regulator estimates that the cost of the failure its insurance fund will be $11.7 million.

asachdev@tribune.com