Two Banks Fail; Possible Losses to Depositors

NEW YORK ( TheStreet) -- Regulators shuttered two banks on Friday, bringing this year's total number of failures to 11.

Both failed banks were previously included in TheStreet's fourth-quarter Bank Watch List of undercapitalized institutions, based on regulatory data provided by HighlineFI.

Central Bank of Georgia

The Georgia Department of Banking and Finance took over Central Bank of Georgia, of Ellaville, which had $278.9 million in total assets and $266.6 million in deposits when it was taken over by. The Federal Deposit Insurance Corp. was appointed receiver, and sold the failed bank to Ameris Bank of Multire, Ga.

The acquiring bank is the main subsidiary of Ameris Bancorp ( ABCB) and previously acquired the failed One Georgia Bank in July of last year.

The FDIC agreed to share losses on $192.8 million of the assets acquired by Ameris Bank.

Central Bank of Georgia's five offices were set to reopen during normal business hours, beginning Saturday, as branches of Ameris Bank.

The FDIC estimated the cost of Central Bank of Georgia's failure to the deposit insurance fund would be $67.5 million.

Interested in more on Ameris Bancorp? See TheStreet Ratings' report card for this stock.

Home Savings of America

The Office of the Comptroller of the Currency closed Home Savings of America, of Little Falls, Minn., which had $434.1 million in total assets and $432.2 million in deposits.

The FDIC was appointed receiver for the failed bank, but was unable to find a buyer, and announced it would mail checks for the amount of their insured deposits directly to customers.

The agency said that customers of the failed bank with over $250,000 in deposits could call the FDIC at 1-800-523-8089 or visit the special website for more information.

The FDIC said that it would retain the failed bank's assets for later disposition, and that "loan customers should continue to make their payments as usual."

The FDIC estimated that the failure of Home Savings of America would cost the deposit insurance fund $38.8 million.

Thorough Bank Failure Coverage

Central Bank of Georgia was the second bank to fail in the state this year, following 23 Georgia bank failures in 2011.

All previous 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.

To contact the writer, click here: Philip van Doorn.

To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.

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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