This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Seven Banks Fail Friday

WASHINGTON ( TheStreet) -- State and federal regulators closed seven community banks in five states Friday, bringing the total number of failed U.S. banks and thrifts this year to 106.

All seven institutions had been assigned E-minus (very weak) financial strength ratings by TheStreet.com ratings, and all seven were included in TheStreet.com's list of undercapitalized banks and thrifts, based on second-quarter data.

The Office of Thrift Supervision closed Partners Bank of Naples, Fla. and appointed the Federal Deposit Insurance Corp. receiver. The FDIC arranged for Stonegate Bank (SGBK) of Fort Lauderdale, Fla. to assume all of the failed institution's $65 million in deposits and all of its $65 million in assets. Partners Bank's two offices were scheduled to reopen Monday as Stonegate branches. The FDIC estimated the cost to its insurance fund would be $28.6 million.

Georgia regulators took over American United Bank of Lawrenceville, Ga. The FDIC was appointed receiver and sold all of the failed bank's deposits (totaling $101 million) and assets to Ameris Bank of Moultrie, Ga., a subsidiary of Ameris Bancorp (ABCB). American United's office was set to reopen Monday as an Ameris branch. The FDIC agreed to share in losses on $92 million of the $111 million in total assets Ameris acquired from the failed institution and estimated the loss to the agency's insurance fund would be $44 million.

The Office of the Comptroller of the Currency closed Flagship National Bank of Bradenton, Fla. As is always the case in domestic bank failures, the FDIC was appointed receiver, after which the agency arranged for First Federal Bank of Florida of Lake City, Fla., to take over the failed bank's deposits, which totaled $175 million, along with assets totaling $190 million. Flagship's four branches were to reopen as First Federal branches Monday. The FDIC agreed to share in losses on $130 million of the assets acquired by First Federal and estimated the cost to its insurance fund would be $59 million.

chart

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs