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Regulators Shut Down Four Banks, Thrift

WASHINGTON ( TheStreet) -- Regulators shut down four banks and one savings and loan association Friday, bringing the total number of failed banks and thrifts during 2009 to 77.

State regulators closed Colonial Bank of Montgomery, Ala., a subsidiary of Colonial BancGroup (CNB). As receiver, the Federal Deposit Insurance Corp. sold all of Colonial Bank's branches and deposits to BB&T (BBT).

With $25 billion in total assets, Colonial is the fifth-largest bank to fail in U.S. history. Please see this earlier report on for extensive coverage of Colonial's failure.

Elsewhere, the Office of Thrift Supervision took over Dwelling House Savings and Loan Association of Pittsburgh and appointed the FDIC receiver. The FDIC then sold the thrift's deposits and office to PNC Bank, a unit of PNC Financial Services (PNC - Get Report).

Please see this earlier report for more on Dwelling House's closing.

The Office of the Comptroller of the Currency shut down Union Bank of Gilbert, Ariz. The FDIC was appointed receiver and sold the failed bank's retail deposits and branches to MidFirst Bank of Oklahoma City.

The Arizona Department of Financial Institutions shuttered Community Bank of Arizona of Phoenix and appointed the FDIC receiver. The FDIC made another deal with MidFirst Bank, which took over all of Community Bank of Arizona's deposits and branches.

Lastly, state regulators closed Community Bank of Nevada of Las Vegas. Because the FDIC was unable to find another institution to buy the failed bank's deposits, the FDIC created the Deposit Insurance National Bank of Las Vegas, which will operate for about 30 days, allowing depositors to move their insured deposits to other institutions. The FDIC estimated that there were $4.2 million in uninsured deposits.
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