WASHINGTON ( TheStreet) -- Regulators shut down two Georgia banks Friday, along with one each in Florida and Arizona. The failures lift this year's tally of failed U.S. banking institutions to 41. The failed banks had combined total assets of $1.24 billion. The Federal Deposit Insurance Corp. acted as receiver and, after finding buyers for the four banks, estimated the total cost to the deposit insurance fund would be $320.3 million. TheStreet.com Ratings had previously assigned E-minus (Very Weak) financial strength ratings to all four banks, and all were included in TheStreet's listing of undercapitalized banks.
McIntosh Commercial BankThe Georgia Department of Banking and Finance shut down McIntosh Commercial Bank of Carrollton, Ga. The failed bank had $363 million in total assets and was acquired by CharterBank of West Point, Ga., with the FDIC agreeing to share in losses on $263 million of the acquired assets. > > Bull or Bear? Vote in Our Poll The acquiring bank is the main subsidiary of Charter Financial ( CHFN). The FDIC estimated the cost to its deposit insurance fund would be $123.3 million. McIntosh's four branches were scheduled to reopen during regular business hours Saturday as branches of CharterBank.
Key West BankThe Office of Thrift Supervision closed Key West Bank of Key West, Fla., which had $88 million in total assets. The FDIC arranged for Centennial Bank of Conway, Ark. to assume the failed institution for a 0.50% premium on Key West Bank's $68 million in deposits. Centennial Bank is the main subsidiary of Home Bancshares ( HOMB). The FDIC agreed to share in losses on roughly $76 million of the acquired assets and estimated the cost to its deposit insurance fund would be $23.1 million. Key West Bank's office was scheduled to reopen during normal business hours Saturday as a Centennial Bank branch.
Unity National BankThe Office of the Comptroller of the Currency shuttered Unity National Bank of Cartersville, Ga., which had $292 million in total assets. The FDIC arranged for Bank of the Ozarks ( OZRK) to assume the failed institution's assets and deposits. The FDIC agreed to share in losses on $206 million of the acquired assets and estimated the cost to the deposit insurance fund would be $67.2 million.
Unity National's five branches were set to reopen Saturday as Bank of the Ozarks branches.
The bank failure map is color-coded, with states with the greatest number of failures highlighted in red, and states with no failures in gray. By hovering your mouse over a state you can see the combined 2008-present totals for that state. You can then click on the state to open a detailed map that pinpoints the locations of the failures and provides additional information.
Desert Hills BankState regulators in Arizona closed Desert Hills Bank of Phoenix, which had $497 million in total assets. The FDIC arranged for New York Community Bank to acquire the failed institution's deposits and assets. New York Community Bank is held by New York Community Bancorp ( NYB). The FDIC agreed to share in losses on $326 million of the acquired assets and estimated the cost to its deposit insurance fund would be $106.7 million. The failed bank's six branches were scheduled to reopen Monday as branches of New York Community Bank, operating under the name "AmTrust Bank, a Division of New York Community Bank." New York Community acquired 12 branches in Arizona in December when it acquired the deposits and most of the assets of AmTrust Bank.
Continuing Bank Failure CoverageAll previous bank and thrift failures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map: