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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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).

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.

1 of 3

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 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

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