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Banks Kick Off a New Year of Failures

Updated to include the failure of American Eagle Savings Bank.

NEW YORK ( TheStreet) -- Regulators on Friday shut down banks in Florida, Georgia and Pennsylvania, for the first bank failures of 2012.

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

Central Florida State Bank

The Florida Office of Financial Regulation closed Central Florida State Bank of Belleview, which had $79.1 million in total assets and $77.7 million in deposits when it failed.

The Federal Deposit Insurance Corp. was appointed receiver, and sold the failed institution's retail deposits to CenterState Bank of Florida, NA, of Winter Haven.

Central Florida State Bank customers with deposits made through brokers were advised to contact their brokers directly.

CenterState Bank also agreed to purchase the failed bank's assets, and the the FDIC agreed to cover 80% of losses on $53.6 million of the acquired assets.

The acquiring bank is a subsidiary of CenterState Banks (CSFL - Get Report).

Central Florida State Bank's four offices were scheduled to reopen Monday as branches of CenterState Bank of Florida, NA. The FDIC estimated that the cost of Central Florida State Bank's failure to the deposit insurance fund would be $24.4 million.

CenterState didn't acquire any failed banks during 2011, but did purchase three failed Florida institutions in 2010, following one in 2009.

Interested in more on CenterState Banks? See TheStreet Ratings' report card for this stock.

First State Bank

The Georgia Department of Banking and Finance closed The First State Bank of Stockbridge, which had $536.9 million in total assets and $527.5 million in deposits when it failed.

The FDIC was appointed receiver and sold the failed bank's deposits for a 0.50% premium to Hamilton State Bank of Hoschton, Ga.

Hamilton State Bank also agreed to take on the The First State Bank's assets, with the FDIC agreeing to cover 80% of losses on $419.5 million of the acquired assets.

The failed bank's seven branches were set to reopen during normal business hours beginning Saturday as Hamilton State Bank Branches.

The FDIC estimated that the cost to the deposit insurance fund from The First State Bank's failure would be $216.2 million

American Eagle Savings Bank

The Office of the Comptroller of the Currency took over American Eagle Savings Bank of Boothwyn, Pa., which had total assets of $19.6 million and $17.7 million in deposits.

The FDIC was appointed receiver and sold the failed institution to Capital Bank, NA, of Rockville, Md.

American Eagle Savings Bank's sole branch was schedule to reopen Saturday as a branch of Capital Bank. The FDIC estimated the cost of American Eagle's failure to the deposit insurance fund would be $3.2 million.
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