WASHINGTON ( TheStreet) -- State and federal regulators closed seven banks Friday, which brought the tally of bank failures for 2010 to 103. All seven failed institutions were included in TheStreet'sBank Watch List of undercapitalized banks and thrifts, based on first-quarter regulatory data provided by SNL Financial. As receiver, the Federal Deposit Insurance Corp. found buyers for the deposits of all the failed banks and for five of them, agreed to absorb 80% of losses on riskier assets pools acquired by other banks. The FDIC estimated the combined cost of the seven bank closures to its deposit insurance fund would be $432 million.
The Florida Office of Financial Regulation closed Sterling Bank of Lantana, Fla. and appointed FDIC receiver. The FDIC then arranged for IBERIABANK of Lafayette, La. to assume the failed institution's $372 million in total deposits and $408 million in total assets. The agency agreed to share in losses on $244 million of the acquired assets and estimated the cost to the deposit insurance fund would be $45.5 million. Sterling Bank's six offices were scheduled to reopen Monday as branches of IBERIABANK, which is the main subsidiary of IBERIABANK Corp. ( IBKC). > > Bull or Bear? Vote in Our Poll
Crescent Bank and Trust
State regulators shut down Crescent Bank and Trust Co. of Jasper, Ga., which was the main subsidiary of Crescent Banking Company ( CSNT). The FDIC was appointed receiver and sold the failed bank's $966 million in deposits for a 1% premium to Renasant Bank of Tupelo, Miss., which is held by Renasant Corp. ( RNST). Renasant Bank also took on Crescent Bank and Trust's $1 billion in total assets, with the FDIC agreeing to share in losses on $617 million. Crescent's 11 branches were set to reopen as Renasant Branches during normal business hours. The FDIC estimated the cost to the deposit insurance fund would be $242.4 million.
Williamsburg First National Bank
The Office of the Comptroller of the Currency took over Williamsburg First National Bank of Kingstree, S.C. As receiver, the FDIC sold the failed bank's $134 million in deposits for a 0.5% premium to First Citizens Bank and Trust Co. of Columbia, S.C. First Citizens Bank and Trust is held by First Citizens Bancorporation ( FCBN). In addition to the deposits, First Citizens agreed to acquire the failed bank's $139 million in total assets, with the FDIC agreeing to share in losses on $64 million.