A Return to Bank Failures

After an unexpectedly long pause in bank closings, this week bring with it the first three shutdowns of the new year.

Sixth ranked Central Florida State Bank of Belleview, Florida, was the first bank to close in 2012. The bank's assets and deposits were assumed by CenterState Bank of Florida, National Association, of Winter Haven, Florida. This is the fifth such acquisition for CenterState who are currently ranked as the 1717th most risky bank on our list. As of the most recently available accounting, Central Florida State Bank had approximately $79.1 million in total assets and $77.7 million in total deposits. Of these assets, the FDIC and CenterState Bank of Florida , National Association entered into a loss-share transaction on $53.6 million of Central Florida State Bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24.4 million.

13th ranked The First State Bank of Stockbridge, Georgia, also failed this week. The former bank's approximately $536.9 million in total assets and $527.5 million in total deposits were taken over Hamilton State Bank of Hoschton, Georgia. This is the third acquisition for CenterState who are currently ranked as the 2278th most risky bank on our list. The FDIC and Hamilton State Bank entered into a loss-share transaction on $419.5 million of The First State Bank's assets. The FDIC estimates that the cost to the DIF will be $216.2 million.

American Eagle Savings Bank of Boothwyn, Pennsylvania, was also closed today by the Office of the Comptroller of the Currency. The small savings bank, with approximately $19.6 million in total assets and $17.7 million in total deposits was taken over by Capital Bank, National Association of Rockville, Maryland. This is the second acquisition for Capital Bank who currently rank as the 2111th most risky bank on our list. The FDIC estimates that the costs to the DIF will be $3.2 million.

This McIntosh is Not So Sweet

14th ranked McIntosh State Bank of Jackson, Georgia, was finally closed today. The approximately $339.9 million bank in total assets was acquired by Hamilton State Bank (6627th). Hamilton State Bank entered into a loss-share transaction with the FDIC on $242.1 million of the former McIntosh State Bank's assets. Hamilton previously purchased the Bartow County Bank in April of this year. The FDIC estimates costs to the Deposit Insurance Fund (DIF) of about $80.0 million.

34th ranked First Commercial Bank of Tampa Bay, Florida, was also closed today. The nearly $100 million bank by assets was acquired by Stonegate Bank (5519th) of Fort Lauderdale, Florida. The failed bank acquisition was the first for Stonegate and did not include any form of loss-sharing. The FDIC estimates that the cost to the DIF will be $28.5 million.

26th Ranked Bartow County Bank and Others Fail

Regulators made up for lost time this week closing six banks, including two in both Alabama and Georgia. Both small and large banks fell under feds axe from $38 million Rosemount Bank in Minnesota to $3 billion Superior Bank of Birmingham, Alabama.

26th ranked Bartow County Bank of Cartersville, Georgia, was closed this week by the Georgia Department of Banking and Finance. Bartow County Bank had approximately $330.2 million in total assets and $304.1 million in total deposits. Hamilton State Bank (4090th) of Hoschton, GA has agreed to assume all deposits and nearly all of the assets of the failed bank. The agreement between the FDIC and Hamilton State Bank includes a loss-sharing transaction on $247.5 million of Bartow County Bank's assets and the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $69.5 million.

Falling just shy of the list, 43rd ranked New Horizons Bank of East Ellijay, Georgia, was also closed today by Georgia regulators. Citizens South Bank (un-ranked) of Gastonia, North Carolina has agreed to assume all of the deposits of New Horizons Bank. New Horizons had approximately $110.7 million in total assets and $106.1 million in total deposits. The FDIC and Citizens South Bank entered into a loss-share transaction on $84.7 million of New Horizons Bank's assets. The FDIC estimates costs of closing the bank at $30.9 million.

60th ranked Nexity Bank of Birmingham, Alabama, also closed today. It had approximately $793.7 million in total assets and $637.8 million in total deposits. Newly formed AloStar Bank of Commerce has agreed to assume all the deposits and has entered into a loss-share transaction on $384.2 million of Nexity Bank's assets. The FDIC estimates the costs of this closure at $175.4 million.

Birmingham, Alabama also experienced largest bank closure of the week as Superior Bank was forced to shut its doors. A newly chartered bank subsidiary of Community Bancorp LLC (CBC) called Superior Bank, N.A. was formed to assume the deposits of the former bank. Superior Bank had approximately $3.0 billion in total assets and $2.7 billion in total deposits. The FDIC and Superior Bank, N.A. entered into a loss-share transaction on $1.84 billion of Superior Bank's assets. The expected costs of Superior's failure are considerable at $259.6 million.

Superior was closed by the Office of Thrift Supervision (OTS). Due to differences in reporting requirements for OTS banks, they are not ranked by The Bank Blog. Superior's new owner, CBC, also acquired Cadence Bank in March. That purchase included a infusion $144 million into a bank which recently ranked 303rd on our list.

66th ranked Heritage Banking Group of Carthage, Mississippi, was closed today by the Mississippi Department of Banking and Consumer Finance. As of December 31, 2010, Heritage Banking Group had approximately $224.0 million in total assets and $196.2 million in total deposits. Trustmark National Bank (4298th) of Jackson, Mississippi has assumed the deposits of the failed bank and entered into a loss-share transaction on $156.4 million of Heritage Banking Group's assets. The FDIC estimates the cost to the DIF will be $49.1 million.

The smallest bank to close this week was 156th ranked Rosemount National Bank of Rosemount, MN with approximately $37.6 million in total assets and $36.6 million in total deposits. Central Bank (1732) of Stillwater, MN has agreed to assume all deposits. The cost is estimated at relatively inexpensive $3.6 million.