WASHINGTON (

TheStreet

) -- State and federal regulators shuttered five banks Friday, bringing this year's total number of bank failures to 39.

All five failed banks had previously been included in

TheStreet's

Bank Watch List

of

undercapitalized

institutions, based on fourth-quarter regulatory data provided by

SNL Financial

.

Premier American Bank Acquires Two More Failed Institutions

The

Office of the Comptroller of the Currency

closed

First National Bank of Central Florida

of Winter Park, Fla. State regulators shut down

Cortez Community Bank

of Brooksville, Fla. The

Federal Deposit Insurance Corp.

was appointed receiver and sold both failed institutions to

Premier American Bank, NA

of Miami, Fla.

First National Bank of Florida had $352 million in total assets and $312.1 million in deposits as of Dec. 31, while Cortez Community Bank had $70.9 million in total assets and $61.4 million in deposits. The FDIC agreed to cover 80% of losses on $270 million in assets that Premier American Bank acquired from First National Bank of Florida, and $51.3 million in assets acquired from Cortez Community Bank.

The failed banks' eight branches were set to reopen Monday as Premier American branches. The FDIC estimated that First National Bank of Florida's failure would cost the deposit insurance fund $42.9 million, while Cortez Community Bank's failure would cost $18.6 million.

Premier American's most recent previous acquisition of a failed bank was

Sunshine State Community Bank

in February.

Bank of the Ozarks Buys Picks Up Two More

State regulators closed

First Choice Community Bank

of Dallas, Ga., and

The Park Avenue Bank

of Valdosta, Ga. The FDIC was appointed receiver and sold both failed banks to

Bank of the Ozarks

(OZRK)

.

First Choice Community Bank had $308.5 million in total assets and $310 million in deposits; and The Park Avenue Bank had $953.3 million in assets and $827.7 million in deposits, as of Dec. 31. The FDIC agreed to cover 80% of losses on $260.7 million in assets acquired by Bank of the Ozarks acquired from First Choice Community Bank, and $514.1 million in assets acquired from The Park Avenue Bank.

All 19 branches of the failed banks were scheduled to reopen Saturday as Bank of the Ozarks branches. The FDIC estimated the failure of First Choice Community would cost the deposit insurance fund $92.4 million, while the failure of The Park Avenue Bank would cost the fund $306.1 million.

Bank of the Ozarks has now acquired five failed banks over the past year, including

Woodlands Bank

TheStreet Recommends

of Bluffton, S.C. in July;

Horizon Bank

of Bradenton, Fla. in September;

Chestatee State Bank

of Dawsonville, Ga. in December; and

Oglethorpe Bank

of Brunswick, Ga., in January.

Community Central Bank

The Michigan Office of Financial and Insurance Regulation took over

Community Central Bank

of Mount Clemens, Mich., which had $476.3 million in total assets and $385.4 million in deposits as of Dec. 31. The FDIC was appointed receiver and sold the failed institutions to

Talmer Bank & Trust

of Troy, Mich. The acquiring bank paid the FDIC a 0.25% premium for the deposits.

The FDIC agreed to cover 80% of losses on $362.4 million in assets acquired by Talmer Bank & Trust and estimated that Community Central Bank's failure would cost the deposit insurance fund $183.2 million.

Community Central Bank's four offices were scheduled to reopen Saturday as Talmer Bank branches.

Thorough Bank Failure Coverage

All bank and thrift closures since the beginning of 2008 are detailed in

TheStreet's

interactive bank failure map:

Image placeholder title

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.

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Philip van Doorn

.

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.

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.