Regulators shuttered three small banks Friday, bringing to 20 the total of U.S. banks and savings and loans closed during 2009. Georgia regulators closed FirstCity Bank of Stockbridge, Ga., while the Office of the Comptroller of the Currency shut down Colorado National Bank of Colorado Springs, Colo. and TeamBank of Paola, Kan. The Federal Deposit Insurance Corp. was appointed receiver of all three institutions and was expected to liquidate FirstCity Bank and find buyers for all retail deposits and most of the assets of the other two failed companies. TeamBank was included in TheStreet.com's updated list of undercapitalized banks, the second list in our recent article focusing on undercapitalized savings and loans. FirstCity and Colorado National were not included on the list of undercapitalized banks, because they were still considered adequately capitalized under regulatory guidelines as of Dec. 31. Please see TheStreet.com'sBank Failure Map for an interactive summary of all previous bank and S&L failures during 2008 and 2009. The FDIC also amended its Quarterly Banking Profile Friday, revising the combined fourth-quarter net loss for U.S. banks and thrifts to $32.1 billion from the $26.2 billion net loss the agency reported Feb. 26.
FirstCity Bank had total assets of $297 million and total deposits of $278 million. Since the FDIC was unable to find a buyer for the institution, the agency was set to mail checks to depositors with insured balances on Monday. There were an estimated $778,000 in uninsured deposits.