The Federal Deposit Insurance Corp. on Friday took over the banks: McIntosh Commercial Bank, based in Carrollton, Ga.; Unity National Bank of Cartersville, Ga.; Key West Bank of Key West, Fla., and Desert Hills Bank, based in Phoenix.
The four failures are expected to cost the federal deposit insurance fund a total of around $320.3 million.
CharterBank, based in West Point, Ga., agreed to assume the estimated $362.9 million in assets and $343.3 million in deposits of McIntosh Commercial Bank. In addition, the FDIC and CharterBank agreed to share losses on $263.1 million of McIntosh Commercial's loans and other assets.
Bank of the Ozarks, based in Little Rock, Ark., is assuming the estimated $292.2 million in assets and $264.3 million in deposits of Unity National Bank. The FDIC and Bank of the Ozarks agreed to share losses on $206.1 million of Unity National's loans and other assets.
Another Arkansas bank, Centennial Bank of Conway, Ark., is assuming the $88 million in assets and $67.7 million in deposits of Key West Bank.
The two shuttered banks in Georgia followed three bank failures in that state last week and 25 last year, more than in any other state.
New York Community Bank, based in Westbury, N.Y., is assuming the $496.6 million in assets and $426.5 million in deposits of Desert Hills Bank. The agency and New York Community Bank agreed to share losses on $325.9 million of the failed bank's loans and other assets.
The pace of bank seizures this year is likely to accelerate in coming months, regulators have said, as losses mount on loans made for commercial property and development.