Regulators Close the Doors of Five Community-Based Lenders

State and federal banking regulators shut down five institutions over the weekend â€"" two in Georgia, two in Florida, and one in Michigan. This latest round of closings brings the ""number of bank failures"":http://www.fdic.gov/bank/individual/failed/banklist.html to 34 for the 2011 calendar year.
[IMAGE] The largest of the closings was the ""Park Avenue Bank"":http://www.parkavebank.com/ in Valdosta, Georgia. It had $827.7 million in deposits and total assets of $953.3 million. ""Bank of the Ozarks"":http://www.bankozarks.com out of Little Rock, Arkansas, agreed to assume the failed bank's deposits and purchase all of its assets.

The ""FDIC"":http://www.fdic.gov says it will absorb a share of any future losses on $514.1 million of the assets Bank of the Ozarks picked up from Park Avenue Bank. The Georgia bank's failure is expected to cost the FDIC $306.1 million.

Bank of the Ozarks also picked up all of the deposits and assets of ""First Choice Community Bank"":http://www.firstchoicecb.com/ based in Dallas, Georgia. First Choice's deposits totaled $310.0 million and it had assets of $308.5 million.

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Here too, the FDIC agreed to share losses with Bank of the Ozarks on $260.7 million of the acquired assets. The closing of First Choice Community Bank will cost the FDIC an estimated $92.4 million.

Miami's ""Premier American Bank, N.A."":http://www.premieramericanbank.com/ reached a deal with the FDIC to take over both of the failed Florida banks.

""First National Bank of Central Florida"":https://www.believeinyourbank.com/ in Winter Park, Florida, had deposits worth $312.1 million and assets totaling $352.0 million. The FDIC and Premier entered into a loss-share arrangement on $270.0 million of the failed bank's assets. The closing is expected to cost the FDIC $42.9 million.

""Cortez Community Bank"":http://www.cortezcommunitybank.com/ based in Brooksville, Florida, had $61.4 million in deposits and $70.9 million in assets. The FDIC and Premier will share losses on $51.3 million of Cortez Community's assets. The bank's failure will cost the FDIC an estimated $18.6 million.

In Mount Clemens, Michigan, it was ""Community Central Bank"":https://www.communitycentralbank.com/ that was shut down. Community Central had $385.4 million in total deposits and assets of $476.3 million. The FDIC reached an agreement with Troy, Michigan's ""Talmer Bank & Trust"":http://www.talmerbank.com, formerly known as First Michigan Bank, to assume all of the deposits and purchase the assets of Community Central.

The FDIC and Talmer Bank & Trust entered into a loss-share transaction on $362.4 million of the acquired assets. The failure of Community Central Bank is expected to cost the FDIC $183.2 million.