New Bank Failures: Week of Aug. 17

NEW YORK ( TheStreet) -- New bank failures last week included two in Arizona and one each in Pennsylvania, Alabama and Nevada, bringing the total number of banks and savings and loans shut down by regulators this year to 77.

All 102 bank failures since the beginning of 2008 are detailed on TheStreet.com's interactive bank failure map:

Georgia continues to lead all states with 21 bank or thrift failures during 2008 and 2009, followed by Illinois with 14 failures, California with 13, Florida with eight and Nevada with five failures.

State regulators closed Colonial Bank of Montgomery, Ala., a subsidiary of Colonial BancGroup ( CNB) and appointed the Federal Deposit Insurance Corp. receiver. The agency sold all of Colonial Bank's branches and deposits to BB&T Corp. ( BBT).

Colonial was the fifth-largest bank to fail in U.S. history.

The Office of Thrift Supervision took over Dwelling House Savings and Loan Association of Pittsburgh and appointed the FDIC receiver. The FDIC then sold the thrift's deposits and office to PNC Bank, a unit of PNC Financial Services ( PNC).

The Office of the Comptroller of the Currency shut down Union Bank of Gilbert, Ariz. The FDIC was appointed receiver and sold the failed bank's retail deposits and branches to MidFirst Bank of Oklahoma City.

The Arizona Department of Financial Institutions shuttered Community Bank of Arizona of Phoenix and appointed the FDIC receiver. The FDIC made another deal with MidFirst Bank, which took over all of Community Bank of Arizona's deposits and branches.

Lastly, state regulators closed Community Bank of Nevada in Las Vegas. Since the FDIC was unable to find another institution to buy the failed bank's deposits, the FDIC created the Deposit Insurance National Bank of Las Vegas, which will operate for about 30 days, allowing depositors to move their insured deposits to other institutions. The FDIC estimated that there were $4.2 million in uninsured deposits.

Both Community Bank of Arizona and Community Bank of Nevada were subsidiaries of Community Bancorp ( CBON) of Las Vegas.

Community Bank of Nevada was included in TheStreet.com's preliminary list of 104 undercapitalized banks and thrifts, based on preliminary second-quarter data.

Of the 89 institutions on a previous list published TheStreet.com in late May, 33 have failed.

PNC Financial and BB&T are among a growing list of large bank holding companies that have acquired failed institutions during 2008 and 2009, including JPMorgan Chase ( JPM), which acquired Washington Mutual, the largest-ever bank or thrift to fail in the U.S. Others include SunTrust Banks ( STI), Regions Financial ( RF), Fifth Third Bancorp ( FITB); US Bancorp ( USB) and Zions Bancorp ( ZION).

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.

-- 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.

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