WASHINGTON ( TheStreet) - Two bank failures in Georgia were followed by two in California Friday evening, bringing this year's total number of bank failures to 22.

Three of the failed banks had been previously included in TheStreet's Bank Watch List of undercapitalized institutions, based on preliminary fourth-quarter regulatory data provided by SNL Financial.

Habersham Bank

The Georgia Department of Banking and Finance closed Habersham Bank of Clarkesville, Ga., which had about $388 million in total assets and $340 million in total deposits. The Federal Deposit Insurance Corp. was named receiver, and arranged for SCBT National Association of Orangeburg, S.C. to assume the failed bank.

The acquiring institution is the main subsidiary of SCBT Financial ( SCBT).

The FDIC agreed to absorb 80% of losses on $270.7 million of the assets acquired by SCBT and estimated the cost of Habersham Bank's failure to the deposit insurance fund would be $90.3 million.

Habersham Bank had been undercapitalized for more than a year, and its nonperforming assets -- including nonaccrual loans, loans past due 90 days or more and repossessed real estate -- made up a crippling 23.74% of total assets as of December 31, according to data supplied by SNL Financial.

The failed bank's eight offices were scheduled to reopen during normal business hours as SCBT branches, beginning Saturday.

Citizens Bank of Effingham

Georgia regulators also shut down Citizens Bank of Effingham, of Springfield, Ga., which had about $214 million in total assets. As receiver, the FDIC sold the failed institution's $207 million in total deposits for a 1% premium to HeritageBank of the South, of Albany, Ga. HeritageBank is held by Heritage Financial Group ( HBOS).

The FDIC agreed to absorb 80% of losses on $158.1 million of the assets acquired by HeritageBank and estimated the bank failure would cost the deposit insurance fund $59.4 million.

The failed bank's four branches were set to reopen Saturday as branches of HeritageBank of the South.

Citizens Bank of Effingham was also undercapitalized for over a year prior to its failure, and had a nonperforming assets ratio of 17.50% as of December 31.

Charter Oak Bank

The California Department of Financial Institutions took over Charter Oak Bank ( CHOB) of Napa, Calif. and appointed the FDIC receiver. The failed bank had roughly $121 million in total assets and $105 million in deposits. The FDIC sold all of the deposits and $92 million in assets to Bank of Marin of Novato, Calif., retaining the remaining assets for later disposition.

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