WASHINGTON (TheStreet) -- Regulators shut down four banks Friday, bringing this year's tally of bank failures to 18.
Sunshine State Community Bank
The Florida Office of Financial Regulation shuttered Sunshine State Community Bank of Port Orange, Fla. and appointed the Federal Deposit Insurance Corp. as receiver. The failed bank had about $125.5 million in total assets and $116.7 million in total deposits. The FDIC sold the deposits for a 0.50% premium to Premier American Bank, NA of Miami, which also agreed to assume the failed bank's assets.Sunshine State Community Bank's five offices were set to reopen during normal business hours as branches of Premier American Bank, and the failed bank's customers were advised to use their existing branch until Premier American is able to complete systems changes to all other branches to process the customers' accounts. The FDIC estimates the bank closure could cost the deposit insurance fund $30 million.
Peoples State BankThe Michigan Office of Financial and Insurance Regulation took over Peoples State Bank of Hamtramck, Mich. The FDIC was appointed receiver and sold the failed bank's $389.9 million in deposits for a 0.25% premium to First Michigan Bank of Troy. First Michigan also assumed the failed bank's total assets of $390.5 million, with the FDIC agreeing to share in losses on $331 million. Peoples State Bank's ten branches were scheduled to reopen Saturday as First Michigan branches. The FDIC estimated the cost of the failure to the deposit insurance fund would be $87.4 million.
Badger State BankThe Wisconsin Department of Financial Institutions closed Badger State Bank of Cassville, Wis. The FDIC then arranged for Royal Bank of Elroy, Wis. to assume the failed bank's $83.8 million in total assets and $78.5 million in total deposits. The FDIC estimated the cost of Badger State's failure to the deposit insurance fund would be $17.5 million. Badger State Bank's office was scheduled to reopen Saturday as a branch of Royal Bank.
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