An Iowa bank became the 34th to fail this year.

The deposits of the failed First State Bank of Rockford, Iowa, were assumed by First Security Bank and Trust Co. of Charles City, Iowa, the Federal Deposit Insurance Corp. said. The FDIC, the agency that insures bank deposits, said First State was the 34th U.S. bank to fail this year, and the 12th agricultural bank. Three of the 34 have been in Iowa. The FDIC said it acted after First State, with $15.1 million in assets, was closed by Iowa Banking Superintendent William Bernau. The FDIC said First Security will assume $14.6 million in federally insured deposits in 3,300 First State accounts. It said First State will reopen Thursday as a branch of First Security.