Updated to clarify that State Bank & Trust of Macon, Ga. has acquired nine banks since the onset of the financial crisis.

WASHINGTON ( TheStreet) -- State and federal regulators shut down five banks Friday, bringing the total number of bank failures for 2010 to 108.

All five failed banks were included in TheStreet's Bank Watch List of undercapitalized institutions, based on first-quarter regulatory data provided by SNL Financial.

Arkansas Bank Acquires Two More Florida Banks

The Office of Thrift Supervision closed Bayside Savings Bank of Port Saint Joe, Fla., which had $66 million in total assets. Florida regulators shut down Coastal Community Bank of Panama City Beach, Fla., which had $373 million in assets.

The Federal Deposit Insurance Corp. was appointed receiver and sold both failed institutions to Centennial Bank of Conway, Ark., which is the main subsidiary of Home BancShares ( HOMB).

The FDIC agreed to share in losses on $351 million of the assets acquired by Centennial Bank and estimated the cost to its deposit insurance fund would be $16.2 million for Bayside and $94.5 million for Coastal Community Bank.

The failed banks' 13 offices of were set to reopen during normal business hours as Centennial Bank branches.

Centennial Bank has now acquired four failed Florida institutions this year, including Old Southern Bank of Orlando, Fla. on March 12 and Key West Bank on March 26.

Home Bancshares CEO C. Randall Simms described the government-assisted deal for the two Florida banks as "a terrific opportunistic acquisition which allows us to further expand our current Florida footprint into attractive, long-term growth markets in the Florida Panhandle." He said the Panhandle was a natural market extension, with a growing economy and status as a "long time vacation destination for many Arkansans."

NorthWest Bank & Trust

The Georgia Department of Banking and Finance took over NorthWest Bank & Trust of Acworth, Ga. and appointed the FDIC receiver. The FDIC arranged for all of the failed bank's assets and deposits to be acquired by State Bank & Trust Co. of Macon, Ga.

State Bank & Trust acquired about $168 million in assets from the failed bank, and the FDIC agreed to share in losses on $108 million and estimated the cost to its deposit insurance fund would be $39.8 million.

NorthWest Bank & Trust's two offices were scheduled to reopen Saturday as branches of State Bank & Trust Company.

This was the ninth acquisition of a failed Georgia institution by State Bank & Trust during the current cycle of bank failures, following the purchase of The Buckhead Community Bank of Atlanta and First Security National Bank of Norcross, both of which failed in December and the six bank subsidiaries of Security Bank Corp of Macon, Ga., which were closed by regulators in July 2009.

The Cowlitz Bank

State regulators closed The Cowlitz Bank of Longview, Wash., which was the main subsidiary of Cowlitz Bancorporation ( CWLZ).

Cowlitz Bank had been operating under a June 15 FDIC order to raise significant capital or arrange a sale to a stronger institution within 30 days. The institution had $529 million in total assets when it failed.

The FDIC sold Cowlitz Bank's $514 million in deposits for a 1% premium to Heritage Bank of Olympia, Wash. In addition to the deposits, Heritage Bank acquired $330 million in assets, with the FDIC agreeing to share in losses on $161 million. The agency retained the remainder of Cowlitz Bank's assets for later disposition and estimated the cost to the deposit insurance fund would be $68.9 million.

Cowlitz's nine offices were scheduled to reopen Saturday as Heritage Bank branches. Two of the Cowlitz branches had been operating under the name Bay Bank, a division of The Cowlitz Bank.

Heritage Bank is held by Heritage Financial ( HFWA).

LibertyBank

The Oregon Division of Finance and Corporate Securities closed LibertyBank of Eugene, Ore., which had $768 million in total assets. The FDIC sold the failed bank's $719 million in deposits for a 1% premium to Home Federal Bank of Nampa, Idaho, which is the main subsidiary of Home Federal Bancorp ( HOME)

Home Federal also took on $420 million of LibertyBank's assets, with the FDIC agreeing to share in losses on $300 million. The FDIC retained the rest of the failed bank's assets for later disposition. The FDIC estimated that LibertyBank's failure would cost the deposit insurance fund $115.3 million.

LibertyBank's 15 branches were set to reopen Monday as Home Federal Branches.

Home Federal previously acquired Community First Bank of Prineville, Ore., which failed in August 2009.

Ongoing Bank Failure Coverage

There have now been 20 bank failures in Florida during 2010, which is the most for any state. The largest Florida failure since the current wave of bank closures began in 2008 was BankUnited, which suffered from an overconcentration in option-payment adjustable-rate mortgages. The failed lender 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, shut down by the OCC in April and acquired by Toronto-Dominion Bank ( TD), which outbid Seacoast Banking Corp. ( SBCF).

With the failure of NorthWest Bank & Trust, there have been 11 bank failures in Georgia this year and 41 since the beginning of 2008, which is the most for any state. Silverton Bank, NA of Atlanta was the largest Georgia bank failure during this cycle, with $4.1 billion in assets when it was liquidated in May 2009.

All previous bank and thrift failures since the beginning of 2008 are detailed in TheStreet.com's interactive bank failure map:
chart

The bank failure map is color-coded, with the states having the largest number of failures highlighted in red, and states with no failures in gray. By moving your mouse over a state you can see its combined 2008-2010 totals. Clicking on a state opens a detailed map pinpointing the locations of failures and providing additional information for each one.

-- 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.

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