WASHINGTON (

TheStreet

) -- Six community banks failed Friday, bringing the 2010 tally of failed U.S. banking institutions to 15.

Friday's failures are expected to cost the Federal Deposit Insurance Corp.'s insurance fund a total of $1.9 billion.

All six failed institutions had been previously assigned E-minus (Very Weak) financial strength ratings by

TheStreet.com Ratings

, and all were included in

TheStreet.com's

list of

undercapitalized banks and thrifts

.

The Office of the Comptroller of the Currency shut down

First National Bank of Georgia

of Carrollton, Ga., a subsidiary of

WGNB

(WGNB.PK)

. The FDIC was appointed receiver and sold the failed bank's $758 million in deposits for a 1.25% premium to

Community & Southern Bank

, also of Carrollton, Ga.

Community & Southern also acquired the failed bank's $833 million in assets, with the FDIC agreeing to share in losses on $607 million and estimating that the cost to its insurance fund would be $260.4 million. First National Bank of Georgia's 11 offices were set to reopen Saturday as Community & Southern branches.

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State regulators took over another Georgia bank,

Community Bank and Trust

of Cornelia. The FDIC was appointed receiver and arranged for

SCBT NA

of Orangeburg, S.C. to take over the failed bank's $1.1 billion in deposits and $1.2 billion in assets for no premium. SCBT NA is a subsidiary of

SCBT Financial

(SCBT)

.

The FDIC agreed to share in losses on $828 million of the acquired assets, and estimated the failure of Community Bank and Trust would cost the deposit insurance fund $354.5 million.

The failed Bank's 36 branches were scheduled to reopen during normal business hours as SCBT branches, although they will continue to operate under the Community Bank and Trust name.

Elsewhere, the Florida Office of Financial Regulation closed

Florida Community Bank

of Immokale, Fla., a subsidiary of

Florida Community Banks

(FLRB)

. The FDIC was appointed receiver and sold the failed institution's deposits to

Premier American Bank NA

of Miami for a small premium.

Premier American Bank NA was organized last week to take over the

failed Premier American Bank

. The new Premier American's holding company, Bond Street Holdings of New York, was granted a "shelf charter" by the OCC back in October.

Florida Community Bank had total assets of $876 million, and Premier American agreed to acquire $499 million of the failed bank's assets, with the FDIC agreeing to share in losses on $305 million and estimating $352.6 million in costs to the deposit insurance fund.

Florida Community's 11 branches were scheduled to reopen Saturday as branches of Premier American.

Meanwhile, the OCC shuttered

Marshall Bank NA

of Hallock, Minn. and appointed the FDIC receiver. The FDIC sold the failed bank's $55 million in deposits for a 7.5% premium to

United Valley Bank

of Cavalier, N.D. United Valley also took over the failed bank's total assets of $60 million, with the FDIC sharing in losses on $24 million and estimating $4.1 million in costs to its insurance fund.

Marshall's three branches were set to reopen as United Valley branches on Monday.

California Regulators closed

First Regional Bank

of Los Angeles, a subsidiary of

First Regional Bancorp

(FRGB)

. The FDIC was appointed receiver and arranged for

First-Citizens Bank & Trust

of Raleigh, N.C. to assume the failed bank's $1.9 billion in deposits and nearly all of its $2.2 billion in total assets, with the FDIC agreeing to share in losses on $2 billion of the acquired assets.

First-Citizens is a subsidiary of

First-Citizens Bancshares

(FCNCA) - Get First Citizens BancShares, Inc. Class A Report

. This is the second major acquisition of a failed California bank by First Citizens, after it took over

Temecula Valley Bank

in July.

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First Regional's eight offices were scheduled to reopen Monday as branches of First-Citizens. The FDIC estimated the cost of the failure to its deposit insurance fund would be $825.5 million.

Lastly, the Washington Department of Financial Institutions closed

American Marine Bank

of Bainbridge Island, Wash., and appointed the FDIC receiver. The FDIC sold the failed bank's $309 million in deposits for a 1% premium to

Columbia State Bank

of Tacoma, Wash., a subsidiary of

Columbia Banking System

(COLB) - Get Columbia Banking System, Inc. Report

.

Columbia State Bank also took over the failed bank's $373 million in total assets, with the FDIC agreeing to share in losses on $255 million and estimating the cost to its insurance fund would be $58.9 million.

This was Columbia State Bank's second acquisition in two weeks, after taking over the failed Columbia River Bank of The Dalles, Ore.

American Marine's 11 branches were set to reopen Saturday as branches of Columbia State Bank.

Ongoing Bank Failure Coverage

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

TheStreet.com's

interactive bank failure map:

The bank failure map is color-coded, with states having the greatest number of failures highlighted in red, and states with no failures in gray. By hovering your mouse over a state you can see the totals for that state. Then click on the state to open a detailed map that pinpoints the locations of the failures and provides additional information.

Georgia

leads all states with 32 bank or thrift failures from the beginning of 2008 through Friday, followed by

Illinois

and

California

with 23 each and

Florida

with 18.

Large holding companies acquiring failed institutions during the current crisis have included

J.P. Morgan Chase

(JPM) - Get JPMorgan Chase & Co. (JPM) Report

, which acquired Washington Mutual, the largest-ever bank or thrift to fail in the U.S;

U.S. Bancorp

(USB) - Get U.S. Bancorp Report

;

SunTrust Banks

(STI) - Get SunTrust Banks, Inc. Report

;

Regions Financial

(RF) - Get Regions Financial Corporation Report

;

Fifth Third Bancorp

(FITB) - Get Fifth Third Bancorp Report

; Zions Bancorp; and

PNC Financial

(PNC) - Get PNC Financial Services Group, Inc. Report

; and

BB&T

(BBT) - Get BB&T Corporation Report

.

The FDIC's temporary increase of agency's basic limit on individual deposit insurance coverage to $250,000 from $100,000 has been extended through 2013. While the agency also temporarily waived all deposit insurance limits for business transaction accounts (checking accounts), the insurance limit on these accounts are scheduled to go back to $100,000 on June 30.

It will be more important than ever for business and municipal entities such as school districts to carefully monitor the health of their banks. It's very easy to have more than $100,000 of somebody else's money flowing through a business account.

TheStreet.com Ratings

issues independent and very conservative financial strength ratings on each of the nation's 8,500 banks and savings and loans. They are available at no charge on the

Banks & Thrifts Screener

.

In addition, the Financial Strength Ratings for 4,000 life, health, annuity, and property/casualty insurers are available on the

Insurers & HMOs Screener

.

TheStreet.com Ratings

also provides award-winning stock ratings, which are available on the

Stock Ratings Screener

.

TheStreet.com Ratings

was recently ranked the No. 1 independent stock selector during the market meltdown by BNY ConvergEx Group's BNY Jaywalk.

--

Written by Philip van Doorn in Jupiter Fla.

Philip W. van Doorn joined TheStreet.com Ratings., Inc., in February 2007. He is the senior analyst responsible for assigning financial strength ratings to banks and savings and loan institutions. He also comments on industry and regulatory trends. Mr. van Doorn has fifteen years experience, having served as a loan operations officer at Riverside National Bank in Fort Pierce, Florida, 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.