Three More Community-Based Lenders Closed by Regulators

State and federal regulators stepped in to close the doors on three community banks this weekend, in Florida, Pennsylvania, and Wisconsin. They bring the number of insured institutions on the ""FDIC's failed bank list"":http://www.fdic.gov/bank/individual/failed/banklist.html to 149 for the year. By comparison, in all of 2009 there were 140 banks shuttered.
[IMAGE] In Carrabelle, Florida, it was ""Gulf State Community Bank"":http://www.gscb.com/ that found regulators at its doors Friday evening. The lender, which has been in business for four decades, had five branch locations, with $112.2 million in deposits and $112.1 million in assets.

The FDIC brokered a deal with ""Centennial Bank"":http://www.my100bank.com of Conway, Arkansas, to reopen Gulf State's branches and assume its deposits for no premium. Centennial also agreed to purchase essentially all of the Florida bank's assets. The FDIC and Centennial entered into a loss-share transaction on $84.4 million of the acquired assets.

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The FDIC says Gulf State's failure will cost its insurance fund approximately $42.7 million. It's the 28th bank in Florida to go under this year â€" the most of all states.

""Allegiance Bank"":http://www.allegbank.com/ in Bala Cynwyd, Pennsylvania, was also closed. It also operated five branch offices and had deposits of $92 million and assets totaling $106.6 million. It's the first bank in the state of Pennsylvania to be shut down this year.

""VIST Bank"":http://www.vistfc.com in Wyomissing, Pennsylvania, agreed to acquire the failed institution. VIST Bank paid the FDIC a premium of 0.50 percent for the deposits and will also purchase all of Allegiance Bank's assets. The FDIC and VIST Bank entered into a loss-share transaction on $86.2 million of the assets. The closing is expected to cost the FDIC $14.2 million.

In Burlington, Wisconsin, ""First Banking Center"":https://www.firstbankingcenter.com/index.html was the largest of the three closings this weekend. It had 17 branch locations, $664.8 million in deposits, and $750.7 million in total assets.

""First Michigan Bank"":http://www.firstmichiganbank.com of Troy, Michigan, reached an agreement with the FDIC to acquire the failed Wisconsin bank. First Michigan paid a 0.50 percent premium for the deposits it picked up and agreed to purchase all of First Banking Center's assets. The FDIC agreed to share losses on $515.6 million of the acquired assets. The federal agency says the closing will cost its insurance fund an estimated $142.6 million.