UPDATE: Regulators Close Four Banks; 2012 Tally Climbs To Seven

Regulators closed four more banks in the U.S. Friday, raising the nationwide tally of failures so far in 2012 to seven, according to the Federal Deposit Insurance Corp.

In Florida, First Guaranty Bank and Trust Co. of Jacksonville was closed by the state's office of financial regulation. CenterState Bank of Florida NA, in Winter Haven, Fla., will assume its deposits, the FDIC said.

As of Sept. 30, First Guaranty Bank and Trust had about $377.9 million in total assets and $349.5 million in total deposits. The FDIC estimates the cost to the Deposit Insurance Fund will be $82 million.

Tennessee's department of financial institutions closed Tennessee Commerce Bank, of Franklin, Tenn., allowing Republic Bank & Trust Co. of Louisville, Ky., to assume the deposits.

Tennessee Commerce Bancorp Inc. (TNCC) operates as the bank-holding company for Tennessee Commerce Bank. Its shares were halted after hours.

As of Sept. 30, Tennessee Commerce Bank had about $1.19 billion in total assets and $1.16 billion in total deposits. The FDIC estimates the cost to the Deposit Insurance Fund will be $416.8 million.

Tennessee regulators also closed Knoxville's BankEast. A unit of U.S. Bancorp (USB) agreed to acquire the failed bank and its 10 branches. U.S. Bank will assume BankEast's deposits and essentially all its assets.

BankEast had about $272.6 million in total assets and $268.8 million in total deposits at the end of September. The failure is expected to cost the Deposit Insurance Fund about $75.6 million.

In Forest Lake, Minn., Patriot Bank Minnesota was closed by the state department of commerce. First Resource Bank of Savage, Minn. agreed to assume all the failed bank's deposits and will buy essentially all its assets.

Patriot Bank Minnesota had about $111.3 million in total assets and $108.3 million in total deposits at the end of September. That failure is expected to cost the fund $32.6 million.

The failures added to the hundreds of banks that have collapsed since the end of 2007 after the housing-sector bust and the financial crisis. In 2011, there were 92 failures, sharply lower than the 157 banks that failed in 2010.

-By Jeff Bater and Drew FitzGerald, Dow Jones Newswires; 202 862 9249; jeff.bater@dowjones.com

--Joan E. Solsman contributed to this article.

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