(Crain's) — New City Bank, the South Michigan Avenue lender for which indicted Cook County Commissioner William Beavers is vice chairman, was closed today by state banking regulators. The Federal Deposit Insurance Corp. couldn't find another bank to take on the assets and deposits, and instead will pay back depositors up to the $250,000 limit at which the FDIC insures deposits. New City had $72.4 million in deposits and $71.2 million in assets as of year-end 2011. The bank was launched in 2003 by a group of local investors, including Mr. Beavers, a South Side alderman at the time. Mr....