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Regulators Shutter Five Banks

Updated to clarify that State Bank & Trust of Macon, Ga. has acquired nine banks since the onset of the financial crisis.

WASHINGTON ( TheStreet) -- State and federal regulators shut down five banks Friday, bringing the total number of bank failures for 2010 to 108.

All five failed banks were included in TheStreet's Bank Watch List of undercapitalized institutions, based on first-quarter regulatory data provided by SNL Financial.

Arkansas Bank Acquires Two More Florida Banks

The Office of Thrift Supervision closed Bayside Savings Bank of Port Saint Joe, Fla., which had $66 million in total assets. Florida regulators shut down Coastal Community Bank of Panama City Beach, Fla., which had $373 million in assets.

The Federal Deposit Insurance Corp. was appointed receiver and sold both failed institutions to Centennial Bank of Conway, Ark., which is the main subsidiary of Home BancShares (HOMB - Get Report).

The FDIC agreed to share in losses on $351 million of the assets acquired by Centennial Bank and estimated the cost to its deposit insurance fund would be $16.2 million for Bayside and $94.5 million for Coastal Community Bank.

The failed banks' 13 offices of were set to reopen during normal business hours as Centennial Bank branches.

Centennial Bank has now acquired four failed Florida institutions this year, including Old Southern Bank of Orlando, Fla. on March 12 and Key West Bank on March 26.

Home Bancshares CEO C. Randall Simms described the government-assisted deal for the two Florida banks as "a terrific opportunistic acquisition which allows us to further expand our current Florida footprint into attractive, long-term growth markets in the Florida Panhandle." He said the Panhandle was a natural market extension, with a growing economy and status as a "long time vacation destination for many Arkansans."

NorthWest Bank & Trust

The Georgia Department of Banking and Finance took over NorthWest Bank & Trust of Acworth, Ga. and appointed the FDIC receiver. The FDIC arranged for all of the failed bank's assets and deposits to be acquired by State Bank & Trust Co. of Macon, Ga.

State Bank & Trust acquired about $168 million in assets from the failed bank, and the FDIC agreed to share in losses on $108 million and estimated the cost to its deposit insurance fund would be $39.8 million.

NorthWest Bank & Trust's two offices were scheduled to reopen Saturday as branches of State Bank & Trust Company.
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