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.

The acquiring bank is held by Bank of Marin Bancorp ( BMRC).

Charter Oak's two branches were scheduled to reopen Tuesday as Bank of Marin branches. The FDIC estimated the cost of the bank failure to the deposit insurance fund would be $21.8 million.

Charter Oak had been undercapitalized for the past three quarters and was nearly out of capital as of Dec. 31, with a Tier 1 leverage ratio of 0.44%, after posting a fourth-quarter net loss of $4.2 million. The bank announced on Jan. 20 that is shareholders had approved a merger agreement with Bay Commercial Bank of Walnut Creek, Calif., but apparently the regulatory approval needed to complete the deal was never received.

San Luis Trust Bank

The Office of Thrift Supervision shuttered San Luis Trust Bank of San Luis Obispo, Calif. As receiver, the FDIC sold the failed institution's roughly $333 million in assets and $272 million in deposits to First California Bank of Westlake Village, Calif. First California is the main subsidiary of First California Financial Group ( FCAL).

The FDIC agreed to share in losses on $241.7 million of the assets acquired by First California, and estimated the failure would cost the deposit insurance fund $96.1 million.

San Luis Trust Bank was negatively capitalized as of Dec. 31, with a nonperforming assets ratio of 24.52%. The institution wasn't included in TheStreet's preliminary Bank Watch List of undercapitalized institutions because its fourth-quarter data wasn't available on February 1, when the Watch List data was provided by SNL Financial.

The failed bank's office was scheduled to reopen Tuesday as a branch of First California Bank.

Thorough Bank Failure Coverage

All bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:

The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.

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-- Written by Philip van Doorn in Jupiter, Fla.

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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.