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TheStreet Open House

Four Banks Fail; 2011 Tally at 84

Stock quotes in this article: FUBC, LION, STBZ

Updated to include the failure of Community Banks of Colorado.

WASHINGTON ( TheStreet) -- State regulators on Friday shuttered one bank in Florida, one in Colorado and two in Georgia, bringing this year's total number of U.S. bank failures to 84.

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.

Old Harbor Bank

The Florida Office of Financial Regulation closed Old Harbor Bank of Clearwater, Fla., which had $215.9 million in total assets and $217.8 million in deposits.

The Federal Deposit Insurance Corp. was appointed receiver and sold the failed bank to 1st United Bank of Boca Raton, Fla. The agency agreed to cover 80% of losses on $155.6 million in assets acquired by 1st United and estimated the cost of Old Harbor Bank's failure to the deposit insurance fund would be $39.3 million.

The acquiring bank is the main subsidiary of 1st United Bancorp (FUBC).

The failed bank's two branches were set to reopen during normal business hours on Saturday as branches of 1st United Bank.

Decatur First Bank

The Georgia Department of Banking and Finance took over Decatur First Bank of Decatur, Ga., which had $191.5 million in total assets and $179.2 million in deposits.

The FDIC was appointed receiver and sold the failed institution to Fidelity Bank of Atlanta, which is held by Fidelity Southern Corp. (LION).

The FDIC agreed to cover 80% of losses on $111.5 million of the failed bank's assets acquired by Fidelity Bank and estimated the cost of Decatur First Bank's failure to the deposit insurance fund would be $32.6 million.

Decatur First Bank's five offices were scheduled to reopen during normal business hours as Fidelity Bank branches.

Community Capital Bank

Georgia regulators also shuttered Community Capital Bank of Jonesboro, Ga., which had total assets of $181.2 million and $166.2 million in deposits.

A receiver, the FDIC sold the failed bank to State Bank and Trust Co. of Macon, Ga. The acquiring bank is held by State Bank Financial Corp. (STBZ).

Community Capital Bank's two branches were scheduled to reopen during normal business hours as branches of State Bank and Trust.

The FDIC estimated that the cost of Community Capital Bank's failure to the deposit insurance fund would be $62 million.

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