Florida and Georgia Lenders Shuttered by Regulators

State and federal regulators stepped in late Friday to shut down two lenders â€" one in Florida and one in Georgia. The closings bring the number of financial institutions on the ""FDIC's failed bank list"":http://www.fdic.gov/bank/individual/failed/banklist.html to 47 for the 2011 calendar year.

""First Commercial Bank of Tampa Bay"":http://www.fcbtampa.com/ in Florida operated two local branches, with $92.6 million in deposits, and $98.6 million in loan assets. The FDIC entered into a purchase and assumption agreement with ""Stonegate Bank"":http://www.stonegatebank.com in Fort Lauderdale, Florida to take over the failed institution.

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Stonegate agreed to pay the FDIC a premium of 0.50 percent to assume all of the deposits of First Commercial Bank of Tampa Bay, and also agreed to purchase all of its assets. No loss-sharing arrangement was part of the FDIC arrangement.

The Florida bank's closing is expected to cost the FDIC an estimated $28.5 million. So far this year, six FDIC-insured lenders have gone under in the Sunshine State.

""McIntosh State Bank"":http://www.mcintoshbancshares.com/ in Jackson, Georgia was also closed. It had four branch locations, $324.4 million in deposits, and $339.9 million in assets. ""Hamilton State Bank"":http://www.hamiltonstatebank.com in Hoschton, Georgia will take over the failed bank's operations.

Hamilton State Bank will pay a premium of 0.50 percent for the deposits it acquired and will purchase all of the bank's assets. The FDIC and Hamilton State Bank entered into a loss-share transaction on $242.1 million of McIntosh State Bank's assets.

The FDIC estimates the failure will cost it $80 million. McIntosh State Bank is the 13th closing in Georgia this year.