This Day On The Street
Continue to site
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

Banks Fail in Three States

WASHINGTON ( TheStreet) -- Regulators seized banks in three states Friday, bringing this year's tally of U.S. bank failures to 86.

All three failed institutions were included in TheStreet's Bank Watch List of undercapitalized banks and thrifts, based on first-quarter regulatory data provided by SNL Financial. All three had been previously assigned E-minus (Very Weak) financial strength ratings by Weiss Ratings, whose bank ratings division was formerly part of TheStreet Ratings.

Peninsula Bank, Englewood, Fla.

The Florida Division of Financial Institutions took over Peninsula Bank of Englewood and appointed the Federal Deposit Insurance Corp. receiver. The FDIC arranged for Premier American Bank, NA of Miami to assume Peninsula Bank's $580 million in deposits and $644 million in total assets.

The failed bank's 13 offices were set to reopen during normal business hours as Premier American branches. The FDIC agreed to share in losses on $438 million of the acquired assets and estimated the cost to its insurance fund would be $194.8 million.

Peninsula Bank was the last survivor among four banks included in TheStreet's Bank Watch List that were negatively-capitalized as of March 31.

This was the third failed bank acquired by the "new" Premier American Bank, NA which was formed in January when Bond Street Holdings of New York used a "shelf charter" that had been granted by the Office of the Comptroller of the Currency in October to acquire the "old" Premier American Bank.

>> Bull or Bear? Vote in Our Poll

Premier American Bank, NA acquired the failed Florida Community Bank in January.

First National Bank, Savannah, Ga.

The OCC closed First National Bank of Savannah, Ga. The FDIC was appointed receiver and sold the failed institution's $232 million in deposits for a 0.11% premium to The Savannah Bank, NA, which is a subsidiary of The Savannah Bancorp (SAVB).

First National's four branches were scheduled to reopen as branches of The Savannah Bank on Monday.

In addition to the deposits, The Savannah Bank agreed to take on an undisclosed portion of the failed bank's assets, although the FDIC said it would retain the majority for later disposition. The agency estimated the cost to the deposit insurance fund would be $68.9 million.

High Desert State Bank, Albuquerque, N.M.

The New Mexico Financial Institution Division shuttered High Desert State Bank of Albuquerque. As receiver, the FDIC arranged for First American Bank of Artesia, N.M. to take over the failed institution's $81 million in deposits and $80 million in total assets.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
FCBN $922.25 0.46%
SBCF $16.22 0.00%
TD $44.50 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs