Five Banks Fail, 2012 Tally at 38
Updated with the failures of Heartland Bank and Second Federal Savings and Loan Association of Chicago.
NEW YORK ( TheStreet) -- State and federal regulators on Friday closed four banks and one savings and loan association, bringing the year's total number of U.S. bank and thrift failures to 38.
The Royal Palm Bank of Florida
The Florida Office of Financial Regulation closed The Royal Bank of Florida , of Naples, which had $87 million in total assets and $85.1 million in total deposits when it failed.
The Federal Deposit Insurance Corp. was appointed receiver, and sold the failed bank to First National Bank of the Gulf Coast , which is also headquartered in Naples.
The failed bank's three offices were scheduled to reopen Monday as branches of First National Bank of the Gulf Coast.
The FDIC estimated that the cost of The Royal Bank of Florida's failure to the deposit insurance fund would be $13.5 million.
Georgia Trust Bank
The Georgia Department of Banking and Finance shut down Georgia Trust Bank of Buford, which had roughly $119.8 million in assets and $117.4 million in deposits.
The FDIC was appointed receiver and sold the failed bank's retail deposits for a premium of 0.50% to Community & Southern Bank of Atlanta.
Customers of the failed bank with deposits made through brokers were advised to go to the FDIC's bank failure information page for more information.
Community & Southern Bank also agreed to purchase $111.5 million of the failed bank's assets, with the FDIC agreeing to share in losses on $65.9 million. The FDIC retained the remaining assets for later disposition.
The failed bank's two branches were set to reopen Monday as Community & Southern Bank branches.
The FDIC estimated the cost of Georgia Trust Bank's failure to the deposit insurance fund would be $20.9 million.
First Cherokee State Bank
Georgia regulators also shuttered First Cherokee State Bank of Woodstock, which had $222.7 million in assets and $193.3 million in deposits. The failed bank was also sold to Community & Southern Bank of Atlanta, which paid a premium of 0.50% for the deposits.
The FDIC agreed to share in losses on $141.8 million in First Cherokee State Bank assets acquired by Community & Southern Bank, and estimated that First Cherokee State Bank's failure would cost the deposit insurance fund $36.9 million.
First Cherokee's three branches were scheduled to reopen during normal business ours as Community & Southern branches.
The Kansas Office of the State Bank Commissioner took over Heartland Bank of Leawood and appointed the FDIC Receiver. The failed bank had $ $110.0 million in total assets and $102.6 million in deposits.