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The FDIC announced two insured-bank failures Friday that are expected to cost the Deposit Insurance Fund a combined $305.5 million.

Closed Friday were Bank of the Commonwealth, Norfolk, Va., which had $985.1 million in total assets and is expected to cost the Deposit Insurance Fund $268.3 million; and Citizens Bank of Northern California, Nevada City, Calif., which had $288.8 million in total assets and is expected to cost the DIF $37.2 million.

The two closures bring to 73 the total number of insured banks to fail in 2011.

Through August, NCUA has announced a total of 13 failures of insured credit unions. NCUA has reported that these failures have cost the National Credit Union Share Insurance Fund an aggregate $46.8 million.