Four more banks fail, raising the total for the year to 18

Regulators closed four more banks Friday, bringing the number of seizures so far this year to 18.

All four of the banks were located in different states. Both Wisconsin and Florida witnessed their second bank failures of the year, while Michigan and California each saw their first.

The most substantial bank to close its doors was Peoples State Bank of Hamtramck, Mich.  First Michigan Bank, based in Troy, Mich., took over Peoples' 10 branches, along with its deposits and assets.

First Michigan entered into a loss-share transaction with the Federal Deposit Insurance Corp. on $331.0 million of the failed bank's assets.  It agreed to pay the FDIC a premium of 0.25 percent for Peoples' $390.5 million in deposits.

Pacific Premier Bank of Costa Mesa, Calif., absorbed Canyon National Bank, of Palm Springs, Calif. That three-branch bank had $205.3 million in deposits and $210.9 million in assets.

Earlier Friday, The Florida Office of Financial Regulation closed the Fort Orange-based Sunshine State Community BankPremier American Bank, N.A. of Miami purchased essentially all of the bank's $125.5 million in total assets and took over its five branches.  Premier will also pay a 0.50 percent premium to assume all of Sunshine's $116.7 million in deposits.

Royal Bank of Elroy, Wis., assumed all deposits and purchased all the assets of the single-branch Badger State Bank of Cassville, Wis. Badger held approximately $78.5 million in deposits and $83.8 million in assets. 

The FDIC estimated that the group of closings would cost its deposit-insurance fund approximately $144.9 million.   

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