Small Ga, Fla Banks Closed; First Failures Of '12

WASHINGTON (AP) — Regulators have closed small banks in Georgia and Florida, the first failures of 2012 following 92 closures last year.

The Federal Deposit Insurance Corp. on Friday seized First State Bank, based in Stockbridge, Ga., with $536.9 million in assets and $527.5 million in deposits, and Central Florida State Bank of Belleview, Fla., with $79.1 million in assets and $77.7 million in deposits.

Hamilton State Bank, based in Hoschton, Ga., agreed to assume the assets and deposits of First State Bank.

CenterState Bank of Florida, based in Winter Haven, Fla., is assuming the assets and deposits of Central Florida State Bank.

The failure of First State Bank is expected to cost the deposit insurance fund $216.2 million; that of Central Florida State Bank is expected to cost $24.4 million.