UPDATE 1-U.S. bank regulators say closed Bank of Wyoming

(Adds details on FDIC's action on closing bank)

By Tom Doggett

WASHINGTON, July 10 (Reuters) - Federal bank regulators on Friday closed Bank of Wyoming, the 53rd U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.

The Federal Deposit Insurance Corp said Bank of Wyoming had $70 million in assets and $67 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $27 million.

Central Bank & Trust based in Lander, Wyoming, agreed to assume the insured deposits of Bank of Wyoming, whose one branch will reopen during normal business hours as a branch of Central Bank & Trust.

Central Bank & Trust will purchase all deposits, except about $8 million in brokered deposits, held by Bank of Wyoming.

The FDIC said it will pay the brokers directly for the amount of their funds. Customers who placed money with brokers should contact them directly for more information about the status of their deposits, the agency said.

In addition to assuming all of the deposits of the failed bank, Central Bank and Trust agreed to purchase $55 million of its assets. The FDIC will retain any remaining assets for later disposition.

Customers can access their money over the weekend by check, teller machine or debit card, the FDIC said.

The last FDIC-insured institution to be closed in Wyoming was Westland, FS & LA, Rawlins, in July 1991.

In 2008, 25 U.S. banks nationwide were seized by officials, up from only 3 in 2007.

During the current financial crisis, Seattle-based lender Washington Mutual became the biggest bank to fail in U.S. history. It was closed in September while suffering from losses from soured mortgages and liquidity problems.

The FDIC will insure up to $250,000 per account.

The agency also has running a tally of problem banks that its examiners closely monitor. At the end of the first quarter, 305 undisclosed institutions were on that list. (Reporting by Tom Doggett; Editing by Gary Hill))