Five Banks Fail, Depositors Suffer

State regulators on Friday shut down five more banks, bringing the total number of failed U.S. banks and savings and loans during 2009 to 45.

This was the largest number of bank failures in one week during the 2008-2009 banking crisis.

All of the failed banks were included in TheStreet.com's recent list of 89 undercapitalized banks and thrifts.

The Georgia Department of Banking and Finance shut down Community Bank of West Georgia of Villa Rica, Ga. and appointed the Federal Deposit Insurance Corp. receiver. Because the FDIC was unable to find a buyer for the failed institution's deposits, the agency was set to begin mailing checks to depositors for their insured balances Monday morning. There were an estimated $1.1 million in uninsured deposits. FDIC spokesman David Barr told TheStreet.com that this amount is likely to change once the agency completes its review of the bank's deposit customer accounts.

Georgia regulators then took over Neighborhood Community Bank of Newnan, Ga., and appointed the FDIC receiver. This time depositors fared better, as CharterBank of West Point, Ga. agreed to purchase all of the failed bank's branches and deposits.

Meanwhile, the Minnesota Department of Commerce took over Horizon Bank of Pine City, Minn. The FDIC was appointed receiver and sold all of Horizon Bank's deposits and branches to Stearns Bank, NA of St. Cloud, Minn.

Lastly, California regulators shuttered two banks: MetroPacific Bank of Irvine, Calif., and Mirae Bank of Los Angeles. The FDIC was named receiver in both cases and sold MetroPacific's branches and retail deposits to Sunwest Bank of Tustin, Calif. The agency sold Mirae's branches and deposits to Wilshire State Bank of Los Angeles, a subsidiary of Wilshire Bancorp (WIBC Quote).

1 What would best describe your stance heading into the coming week of trading? Bullish Bearish Neutral 2 Which of these sectors do you think is set to move up in the coming week? --Choose One--Aerospace and DefenseAirlinesAutomobilesBeverages and Food ProductsBiotechnologyCommercial BanksComputers and PeripheralsConsumer NondurablesEnergy Equipment & ServicesHMOs and HospitalsHomebuildingInsuranceIntegrated OilInternet, Software ServicesInvestment Bankers and BrokersMediaMultiline RetailPharmaceuticalsPrecious MetalsSemis, Semi EquipmentTelecom EquipmentTobacco and AlcoholWireless CommunicationsUtilities 3 Which of these sectors do you think is set to move down in the coming week? --Choose One--Aerospace and DefenseAirlinesAutomobilesBeverages and Food ProductsBiotechnologyCommercial BanksComputers and PeripheralsConsumer NondurablesEnergy Equipment & ServicesHMOs and HospitalsHomebuildingInsuranceIntegrated OilInternet, Software ServicesInvestment Bankers and BrokersMediaMultiline RetailPharmaceuticalsPrecious MetalsSemis, Semi EquipmentTelecom EquipmentTobacco and AlcoholWireless CommunicationsUtilities View the results without voting