Banks Closed In Tenn, Fla; Makes 5 Failures In '12

WASHINGTON (AP) — Regulators have closed banks in Tennessee and Florida, lifting to five the number of U.S. bank failures this year following 92 closures in 2011.

The Federal Deposit Insurance Corp. on Friday seized Tennessee Commerce Bank, based in Franklin, Tenn., with $1.2 billion in assets and $1.1 billion in deposits, and First Guaranty Bank and Trust Co. of Jacksonville, based in Jacksonville, Fla., with $377.9 million in assets and $349.5 million in deposits.

Republic Bank & Trust Co., based in Louisville, Ky., agreed to assume all the deposits and $203.9 million of the loans and other assets of Tennessee Commerce Bank. CenterState Bank of Florida, based in Winter Haven, Fla., is assuming the assets and deposits of First Guaranty Bank and Trust of Jacksonville.