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4 Banks Fail; 2011 Tally at 80

WASHINGTON ( TheStreet) -- State regulators shuttered three banks Friday night, bringing this year's total number of bank failures to 79.

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

Piedmont Community Bank

The Georgia Department of Banking and Finance shut down Piedmont Community Bank of Gray, which was held by Piedmont Community bank Group (PCBN) and had $201.7 million in total assets and $181.4 million in deposits.

The Federal Deposit Insurance Corp. was appointed receiver and sold the failed bank to State Bank and Trust Co. of Macon, Ga. The agency agreed to cover 80% of losses on $163.2 million in assets acquired by State Bank and Trust and estimated the cost of Piedmont Community Bank's failure to the deposit insurance fund would be $71.6 million.

The acquiring bank is the main subsidiary of State Bank Financial Corp. (STBZ - Get Report).

The failed bank's two branches were set to reopen Saturday as branches of State Bank and Trust.

Blue Ridge Savings Bank

The North Carolina Office of Commissioner of Banks closed Blue Ridge Savings Bank of Ashville, which had $161 million in total assets and $158.7 million in deposits.

The FDIC was appointed receiver and sold the failed institution to Bank of North Carolina, of Thomasville, which is held by BNC Bancorp (BNCN - Get Report).

The FDIC agreed to cover 80% of losses on $143.2 of the failed bank's assets acquired by Bank of North Carolina and estimated the cost of Blue Ridge Savings Bank's failure to the deposit insurance fund would be $38 million.

Blue Ridge Savings Bank's 10 branches were scheduled to reopen Monday as Bank of North Carolina branches.

First State Bank

New Jersey regulators shuttered First State Bank of Cranford, which had total assets of $204.4 million and $201.2 million in deposits.

A receiver, the FDIC sold the failed bank to Northfield Bank of Staten Island, New York.

First State Bank's two office were scheduled to reopen Saturday as branches of Northfield Bank.

The FDIC estimated that the cost of First State Bank's failure to the deposit insurance fund would be $45.8 million.
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