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Four Banks Shuttered as Failed Tally Hits 41

State and federal regulators closed the doors on four more community banks over the weekend â€" in Florida, Arizona, and two in Georgia. This latest round of closures brings the number of names on the ""FDIC's failed bank list"":http://www.fdic.gov/bank/individual/failed/banklist.html to 41 for[IMAGE]the year, a pace that's well on the way to surpass the 140 bank collapses of 2009, which resulted in a loss of more than $36 billion for the Federal Deposit Insurance Corporation.

""Key West Bank"":http://www.keywest-bank.com is the sixth institution to go under in Florida this year. It was shuttered by the Office of Thrift Supervision late Friday. The FDIC brokered a deal with ""Centennial Bank"":http://www.my100bank.com in Conway, Arkansas to take over the single branch of Key West Bank in the town of the same name.

Centennial paid the FDIC a premium of 0.50 percent to assume all of Key West Bank's $67.7 million deposits. Centennial also purchased all of the failed bank's $88 million in assets, with the FDIC agreeing to share in any losses on $75.8 million of the acquired assets. The FDIC estimates that Key West Bank's failure will cost its insurance fund $23.1 million.

In Phoenix, Arizona, state regulators closed down ""Desert Hills Bank"":http://www.deserthillsbank.com. ""New York Community Bank"":http://www.newyorkcommercialbank.com of Westbury, New York has taken over the failed institution's six Arizona

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branches and plans to operate them under the banner of ""AmTrust Bank"":https://www.amtrust.com/AboutAmTrust/Pages/About.aspx, which New York Community Bank acquired in an FDIC-assisted transaction in December of last year.

As part of its latest deal, New York Community Bank adds Desert Hills Bank's $426.5 million in deposits and $496.6 million in assets to its books. New York Community Bank did not pay the FDIC a premium for the deposits, and will share losses on $325.9 million of the acquired assets with the federal insurance agency. The Arizona bank's failure is the first in the state this year and is expected to cost the FDIC $106.7 million.

""Unity National Bank"":http://www.unitynationalbank.com of Cartersville, Georgia was closed by the Office of the Comptroller of the Currency. ""Bank of the Ozarks"":http://www.bankozarks.com/unbcustomers of Little Rock, Arkansas agreed to acquire the failed institution's five branch offices, $264.3 million in deposits, and $292.2 million in assets. Bank of the Ozarks did not pay the FDIC a premium for the deposits.

Under the loss-share agreement for $206.1 million of the assets acquired, the FDIC will reimburse Bank of the Ozarks for 80 percent of the losses it incurs on the disposition of loans and foreclosed real estate up to a stated threshold of $65 million. For losses in excess of the stated threshold the FDIC will reimburse Bank of the Ozarks for 95 percent of the losses it incurs. The FDIC expects the closure to cost it $67.2 million.

""McIntosh Commercial Bank"":http://www.mcintoshcommercialbank.com in Carrollton, Georgia was also shuttered. The FDIC reached a deal with ""CharterBank"":http://www.charterbk.com of West Point, Georgia, to take over its four branches, assume all of its $343.3 million in deposits, and purchase all of its $362.9 million in assets.

CharterBank did not pay a premium for the deposits, and will share losses on $263.1 million of the acquired assets with the FDIC. McIntosh's failure is expected to cost the federal agency $123.3 million. So far this year, Georgia has lost seven of its locally-based banks.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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