Three Banks Fail; 2011 Tally Now 51

WASHINGTON ( TheStreet) -- Three banks failed Friday evening, bringing this year's total number of U.S. bank closures to 51.

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

First Chicago Bank & Trust

The Illinois Department of Financial and Professional Regulation shuttered First Chicago Bank & Trust, which had $595.3 million in total assets and $887.5 million in deposits. The Federal Deposit Insurance Corp. was appointed receiver, and sold the failed institution's deposits for a 0.50% premium to Northbrook Bank & Trust Company of Northbrook, Ill.

Northbrook Bank & Trust is a subsidiary of Wintrust Financial ( WTFC).

In addition to the deposits, Northbrook Bank & Trust agreed to purchase roughly $880 million of First Chicago's assets, with the FDIC agreeing to cover 80% of losses on $699.8 million of the acquired assets.

The failed bank's seven offices were scheduled to reopen during normal business hours as branches of Northbrook Bank & Trust.

The FDIC estimated the cost of First Chicago Bank & Trust's failure to the deposit insurance fund would be $284.3 million.

Northbrook Bank & Trust previously acquired the failed Community First Bank-Chicago in February.

In March, Wintrust subsidiary Advantage National Bank Group acquired the failed Bank of Commerce, of Wood Dale, Ill.

Colorado Capital Bank

State regulators closed Colorado Capital Bank of Castle Rock, Colo., which had $717.5 million in total assets and $672.8 million in deposits. The FDIC was appointed receiver, and sold the failed institution to First-Citizens Bank & Trust Company of Raleigh, N.C.

The FDIC agreed to cover 80% of losses on S580 million in assets acquired by First-Citizens and estimated the cost to the deposit insurance fund would be $283.8 million.

Colorado Capital's seven branches were set to reopen on Monday as branches of First-Citizens.

The acquiring bank is held by First Citizens Bancshares ( FCNCA).

First Citizens previously acquired the failed United Western Bank of Denver, in January.

Signature Bank

The Colorado Division of Banking also shut down Signature Bank of Windsor, which had $66.7 million in total assets and $64.5 million in deposits. As receiver, the FDIC sold the failed bank to Points West Community Bank of Julesburg, Colo.

Signature Bank's three offices were scheduled to reopen during normal hours as branches of Points West Community Bank.

The FDIC estimated the bank failure would cost the deposit insurance fund $22.3 million.

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.