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 BanksThe 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 & TrustThe 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV