) -- Regulators seized banks in three states Friday, bringing this year's tally of U.S. bank failures to 86.

All three failed institutions were included in


Bank Watch List

of undercapitalized banks and thrifts, based on first-quarter regulatory data provided by

SNL Financial

. All three had been previously assigned E-minus (Very Weak) financial strength ratings by

Weiss Ratings

, whose bank ratings division was formerly part of

TheStreet Ratings


Peninsula Bank, Englewood, Fla.

The Florida Division of Financial Institutions took over

Peninsula Bank

of Englewood and appointed the Federal Deposit Insurance Corp. receiver. The FDIC arranged for

Premier American Bank, NA

of Miami to assume Peninsula Bank's $580 million in deposits and $644 million in total assets.

The failed bank's 13 offices were set to reopen during normal business hours as Premier American branches. The FDIC agreed to share in losses on $438 million of the acquired assets and estimated the cost to its insurance fund would be $194.8 million.

Peninsula Bank was the last survivor among four banks included in


Bank Watch List

that were negatively-capitalized as of March 31.

This was the third failed bank acquired by the "new" Premier American Bank, NA which was formed in January when

Bond Street Holdings

of New York used a "shelf charter" that had been granted by the Office of the Comptroller of the Currency in October to acquire the "old"

Premier American Bank


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Premier American Bank, NA acquired the failed

Florida Community Bank

in January.

First National Bank, Savannah, Ga.

The OCC closed

First National Bank

of Savannah, Ga. The FDIC was appointed receiver and sold the failed institution's $232 million in deposits for a 0.11% premium to

The Savannah Bank, NA

, which is a subsidiary of

The Savannah Bancorp

( SAVB).

First National's four branches were scheduled to reopen as branches of The Savannah Bank on Monday.

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In addition to the deposits, The Savannah Bank agreed to take on an undisclosed portion of the failed bank's assets, although the FDIC said it would retain the majority for later disposition. The agency estimated the cost to the deposit insurance fund would be $68.9 million.

High Desert State Bank, Albuquerque, N.M.

The New Mexico Financial Institution Division shuttered

High Desert State Bank

of Albuquerque. As receiver, the FDIC arranged for

First American Bank

of Artesia, N.M. to take over the failed institution's $81 million in deposits and $80 million in total assets.

The FDIC agreed to share in losses on $68 million of the assets acquired by First American Bank and estimated the cost to the deposit insurance fund would be $20.9 million.

High Desert State Bank's two offices were scheduled to reopen Monday as branches of First American Bank.

Ongoing Bank Failure Coverage

The failure of First National Bank of Savannah marked the 39th bank failure in Georgia since the beginning of 2008, the most for any state. The largest bank closure in the state was

Silverton Bank, NA

of Atlanta, which had $4.1 billion in assets when it failed in May of last year. The FDIC was unable to find a buyer for that bank.

The largest failed Georgia bank for which the agency did find a buyer was

Georgian Bank

of Atlanta, which had $2 billion in assets and was acquired by

First Citizens Bancorp


There have now been 30 bank failures in Florida since the beginning of 2008, the largest being the old


, which was acquired by the new BankUnited, formed by an investor group led by John Kanas, in May 2009. The second largest Florida failure was

Riverside National Bank of Florida

, which was closed by the OCC in April and acquired by the U.S. subsidiary of

Toronto-Dominion Bank

(TD) - Get Report

, which trumped a bid from

Seacoast Banking Corp.

(SBCF) - Get Report


All previous bank and thrift failures 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 red, and states with no failures highlighted in gray. By moving your mouse over a state you can see its combined 2008-2010 totals. Then click on the state to open a detailed map pinpointing the locations of the failures and providing additional information for each bank one.

Free Financial Strength Ratings


Banks & Thrifts Screener

features independent and very conservative financial strength ratings provided each quarter by

Weiss Ratings

for each of the nation's banks and savings and loans. The ratings are available at no charge.


Written by Philip van Doorn in Jupiter, Fla.

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.