WASHINGTON — Two failures in the Southeast late Friday cost the Deposit Insurance Fund about $108 million.
Regulators shut the $340 million-asset McIntosh State Bank in Jackson, Ga., and the $98 million-asset First Commercial Bank of Tampa Bay, bringing the failure total this year to 47.
The region continues to be the hardest-hit in the prolonged wave of failures. Georgia has suffered nearly a third of the failures this year, and First Commercial's closure was Florida's sixth in 2011.
McIntosh's four branches will reopen Saturday as part of Hamilton State Bank. The Hoschton, Ga., acquirer agreed to pay the Federal Deposit Insurance Corp. a 0.50% premium for all of the failed bank's $324 million in deposits. Hamilton also will acquire roughly all of McIntosh's assets, with the FDIC sharing losses on about $242 million of those assets. The failure was estimated to cost the fund $80 million.
Stonegate Bank in Fort Lauderdale will take over First Commercial's operations, paying the FDIC a 0.50% premium for the failed bank's $93 million in deposits and acquiring roughly all of its assets. The failure was estimated to cost about $28 million.
