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Two Banks Fail; 2012 Tally at 15

NEW YORK ( TheStreet) -- State regulators on Friday closed banks in Georgia and Illinois, bringing this year's failure tally to 15.

Both failed banks were previously included in TheStreet's fourth-quarter Bank Watch List of undercapitalized institutions, based on regulatory data provided by HighlineFI.

Covenant Bank & Trust

The Georgia Department of Banking and Financial shut down Covenant Bank & Trust of Rock Spring, which had $95.7 million in total assets and $9.06 million in deposits. The Federal Deposit Insurance Corp. was appointed receiver, and sold the failed institution to Stearns Bank, NA, of St. Cloud, Minn.

The FDIC agreed to share losses on $71.6 million of the assets acquired by Stearns Bank and estimated the cost of Covenant Bank & Trust's failure to the deposit insurance fund would be $31.5 million.

Covenant Bank & Trust's two offices were scheduled to reopen Monday, as branches of Stearns Bank.

Premier Bank

The Illinois Department of Financial and Professional Regulation closed Premier Bank of Wilmette, which had $268.7 million in total assets and $199.0 million in deposits. The FDIC was appointed receiver, and sold the failed bank to International Bank of Chicago.

The FDIC estimated the cost of Premier's failure to the deposit insurance fund would be $64.1 million.

Premier Bank's two branches were set to reopen during normal business hours, beginning Saturday, as branches of International Bank of Chicago.

Thorough Bank Failure Coverage

There have now been four bank failures this year in Georgia, and three in Illinois.

All 427 previous bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:

The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.

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-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.
Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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