Regulators have shut down a bank in Maryland Friday, marking the 87th federally insured bank failure this year.

According to officials with The Federal Deposit Insurance Corp., it was appointed receiver of the Baltimore-based Bay National Bank. The bank had $282.2 million in assets and $276.1 million in deposits as of March 31. The FDIC says the bank's deposits will be assumed by Bay Bank, FSB, which is based in Lutherville, Maryland.

The pace of bank failures this year far surpasses that of 2009. Bay National's failure is the 87th closure nationwide; last year regulators had closed 45 banks by this time.

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