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Banks Fail in Three States

Stocks in this article: SAVBFCBNTDSBCF

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.

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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.

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