State regulators on Friday shuttered one bank in Florida, one in Colorado and two in Georgia, bringing this year's total number of U.S. bank failures to 84.All the failed banks were previously included in TheStreet's second-quarter Bank Watch List of undercapitalized institutions, based on regulatory data provided by SNL Financial.Old Harbor BankThe Florida Office of Financial Regulation closed Old Harbor Bank of Clearwater, Fla., which had $215.9 million in total assets and $217.8 million in deposits. The Federal Deposit Insurance Corp. was appointed receiver and sold the failed bank to 1st United Bank of Boca Raton, Fla. The agency agreed to cover 80% of losses on $155.6 million in assets acquired by 1st United and estimated the cost of Old Harbor Bank's failure to the deposit insurance fund would be $39.3 million.The acquiring bank is the main subsidiary of 1st United Bancorp (FUBC).The failed bank's two branches were set to reopen during normal business hours on Saturday as branches of 1st United Bank.Decatur First BankThe Georgia Department of Banking and Finance took over Decatur First Bank of Decatur, Ga., which had $191.5 million in total assets and $179.2 million in deposits. The FDIC was appointed receiver and sold the failed institution to Fidelity Bank of Atlanta, which is held by Fidelity Southern Corp. (LION).The FDIC agreed to cover 80% of losses on $111.5 million of the failed bank's assets acquired by Fidelity Bank and estimated the cost of Decatur First Bank's failure to the deposit insurance fund would be $32.6 million. Decatur First Bank's five offices were scheduled to reopen during normal business hours as Fidelity Bank branches. Community Capital BankGeorgia regulators also shuttered Community Capital Bank of Jonesboro, Ga., which had total assets of $181.2 million and $166.2 million in deposits.A receiver, the FDIC sold the failed bank to State Bank and Trust Co. of Macon, Ga. The acquiring bank is held by State Bank Financial Corp. (STBZ).Community Capital Bank's two branches were scheduled to reopen during normal business hours as branches of State Bank and Trust. The FDIC estimated that the cost of Community Capital Bank's failure to the deposit insurance fund would be $62 million.
Community Banks of Colorado
The largest institution to fail on Friday was Community Banks of Colorado, of Greenwood, which had total assets of $1.38 billion and $1.33 billion in deposits when it was seized by the Board of Governors of the Federal Reserve System.The FDIC was appointed receiver and sold the failed institution to Bank Midwest, NA, of Kansas City, Mo.The 40 branches of Community Banks of Colorado were scheduled to reopen during normal business hours as branches of Bank Midwest, NA. The FDIC agreed to cover 80% of losses on $714.2 million in assets acquired by Bank Midwest, NA, and estimated the cost of Community Banks of Colorado's failure to the deposit insurance fund would be $224.9 million. Thorough Bank Failure CoverageGeorgia leads all states with 22 bank failures this year, followed by Florida, with 12 failures, and Illinois, with eight bank closures. All 404 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. RELATED STORIES: Capital One: Financial Winner >GE Earnings: Don't Buy the Headline, It's a Miss >Bank Earnings Gimmick Under Scrutiny >SunTrust Beats on Stable Revenue >-- To contact the writer, click here: Philip van Doorn.To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn. >To order reprints of this article, click here: Reprints
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