SAN FRANCISCO (MarketWatch) - Three more banks were closed by regulators Friday, bringing the number of U.S. bank failures this year to 98 thanks to the lingering credit crunch.

Warren, Mich., Bank had $538 million in assets and $501 million in deposits as of July 31, according to the Federal Deposit Insurance Corp. Huntington National Bank HBAN, +1.32% has agreed to assume the failed bank's deposits, the FDIC said. The FDIC said in a statement that the Warren Bank's failure will cost the federal deposit-insurance fund $275 million. Warren Bank is only the second Michigan bank to fail this year, following the failure of Farmington Hills-based Michigan Heritage Bank in April.

has agreed to assume the failed bank's deposits, the FDIC said. The FDIC said in a statement that the Warren Bank's failure will cost the federal deposit-insurance fund $275 million. Warren Bank is only the second Michigan bank to fail this year, following the failure of Farmington Hills-based Michigan Heritage Bank in April. Jennings State Bank, Spring Grove, Minn., was the fourth Minnesota bank to fail this year. Jennings State Bank had $52.4 million in deposits as of July 31, according to the Federal Deposit Insurance Corp. The bank's failure will cost the federal deposit-insurance fund $11.7 million, the FDIC said. Central Bank of Stillwater, Minn., will take over Jennings State's assets, the FSDIC said.

Southern Colorado National Bank of Pueblo had total assets of $39.5 million and total deposits of $31.5 million, the FDIC said. Legacy Bank of Wiley, Colo., will assume all of the bank's deposits, the FDIC said. The FDIC estimated the cost to its insurance fund will be $6.6 million.