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Six Banks Fail, 2010 Tally Now 125

Three Georgia banks fail Friday, along with others in New Jersey, Ohio and Wisconsin.



) -- Regulators shuttered six banks in four state Friday, bringing the total number of bank failures for 2010 to 125.

All of the failed banks were included in


Bank Watch List



institutions, based on second-quarter regulatory data provided by SNL Financial.

Community & Southern Picks Up More Georgia Banks

The Georgia Department of Banking and Finance closed

Bank of Ellijay


First Commerce Community Bank

of Douglasville, Ga. and

The Peoples Bank

of Winder, Ga. The Federal Deposit Insurance Corp. was appointed receiver and sold all three banks to Community & Southern Bank of Carrollton, Ga., which was formed in January when it acquired the failed

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First National Bank of Georgia

. Community & Southern also purchased the failed

Appalachian Community Bank

of Ellijay from the FDIC in March.

Bank of Ellijay had $169 million in total assets and $161 million in deposits as of June 30, and First Commerce Community Bank had $248 million in total assets and $243 million in deposits. Community & Southern paid the FDIC a 1% premium to acquire the deposits of both institutions. The Peoples Bank had $447 million in assets and $398 million in deposits. Community & Southern paid the FDIC a 1.25% premium for the deposits of The Peoples Bank.

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Community & Southern also took on the three failed Georgia banks' total assets, with the FDIC agreeing to share in losses on $602.5 million. The agency estimated that the failure of Bank of Ellijay would cost the deposit insurance fund $55.2 million, with First Commerce Community costing $71.4 million and The Peoples Bank costing $98.9 million.

Bank of Ellijay had two branch offices including one operating as Bank of Canton. First Commerce Community Bank had two branches and The Peoples Bank has 14 branches. All were scheduled to reopen during normal business hours as branches of Community & Southern Bank.

Other Bank Closures on Friday

The New Jersey Department of Banking and Insurance shut down

ISN Bank

of Cherry Hill, N.J., which was then sold by the FDIC to

New Century Bank

of Phoenixville, Pa. Please see


earlier coverage

for details on this bank failure.

The Ohio Division of Financial Institutions shuttered

Bramble Savings Bank

of Milford, Ohio. As receiver, the FDIC arranged for

Foundation Bank

of Cincinnati to assume the failed bank's $47.5 million in total assets and $41.6 million in deposits. Bramble Savings Bank's office was scheduled to reopen Saturday as a Foundation Bank Branch. The FDIC estimated the failure would cost its deposit insurance fund $14.6 million.

The Office of Thrift Supervision closed

Maritime Savings Bank

of West Allis, Wis., which had $352 million in total assets and $248 million in deposits. The FDIC arranged for

North Shore Bank, FSB

of Brookfield, Wis. to assume all of the failed institution's deposits and $178 million of its assets with the agency retaining the rest. The failure was expected to cost the deposit insurance fund $83.6 million. Maritime's nine branches were set to reopen during normal business hours as branches of North Shore Bank.

Thorough Bank Failure Coverage


leads all states with 23 bank closures this year, followed by 15 in


and 14 failures in



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


interactive bank failure map:

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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 2008-2010 totals. Clicking the state opens 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 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.