Updated to include the failure of American Eagle Savings Bank.



) -- 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



Bank Watch List



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 CenterState Bank Corporation 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

TheStreet Recommends

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.

Thorough Bank Failure Coverage

There were "only" 92 bank failures during 2011, after 157 institutions were closed by regulators during 2010. All 414 previous bank and thrift closures since the beginning of 2008 are detailed in


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.

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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.