Regulators Seize and Shutter Four Lending Institutions

State and federal regulators shut down four community-based financial institutions over the weekend â€" two in Georgia and one each in Florida and Arizona. These latest closings bring the total number of names on the ""FDIC's failed bank list"":http://www.fdic.gov/bank/individual/failed/banklist.html to 55 for the 2011 calendar year.

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""Ameris Bank"":http://www.amerisbank.com/, headquartered in Moultrie, Georgia, agreed to take over both failed Georgia institutions -- High Trust Bank in Stockbridge and One Georgia Bank in Atlanta. Georgia leads the nation in bank closings this year, with 16 seized lenders since January.

The two banks closed this weekend had three branches between them. ""High Trust Bank"":http://www.hightrustbank.com/ had total deposits of $189.5 million and assets totaling $192.5 million. ""One Georgia Bank"":http://www.onegeorgiabank.com/ had $162.1 million in deposits and $186.3 million in assets.

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The FDIC and Ameris Bank entered into loss-share transactions for $164.8 million of High Trust Bank’s assets and $146.3 million of One Georgia Bank’s. Together the two Georgia banks’ closings are expected to cost the FDIC $110.4 million.

""First Peoples Bank"":https://www.1stpeoplesbank.com in Port Saint Lucie, Florida was also shuttered. Its six branches, $209.7 million in deposits, and $228.3 million in assets were picked up by Miami’s ""Premier American Bank"":http://www.premieramericanbank.com in an FDIC-assisted transaction. According to the FDIC, First Peoples’ closing will cost it $7.4 million.

Premier American Bank was formed by a group of investors in Florida in early 2010 for the sole purpose of taking over failed banks. The company now operates a total of 46 branches in the state, and with the First Peoples acquisition is the sixth largest independent bank in Florida.

Effective July 25, 2011, Premier American will change its name to Florida Community Bank, N.A. and will convert all retail bank branches to the Florida Community Bank brand name.

""Summit Bank"":http://summitbankaz.com/ in Prescott, Arizona was closed. It operated out of just a single branch office, with $66.4 million in deposits and $72.0 million in total assets.

""The Foothills Bank"":http://www.thefoothillsbank.com in Yuma, Arizona will pay the FDIC a premium of 0.25 percent to assume all of the failed bank’s deposits and agreed to purchase all its assets. The FDIC says Summit Bank’s closing will cost it $11.3 million.