Two Banks Fail; 2011 Tally at 90

Two banks were closed by regulators Friday evening, bringing this year's total number of bank failures to 90.

Both failed banks were previously included in TheStreet's third-quarter Bank Watch List of undercapitalized institutions, based on regulatory data provided by SNL Financial.

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Polk County BankThe Iowa division of banking shut down Polk County Bank of Johnston, which had total assets of $91.6 million and $82.0 million in deposits. The Federal Deposit Insurance Corp. was appointed receiver and sold the failed institution to Grinnell State Bank of Grinnell, Iowa.The failed bank's three offices were set to reopen Saturday as branches of Grinnell State Bank.The FDIC estimated that the cost of Polk County Bank's failure to the deposit insurance fund would be $12.0 million.Central Progressive BankThe Louisiana Office of Financial Institutions took over Central Progressive Bank of Lacombe, which had $383.1 million in assets and $347.7 million in deposits.The FDIC was appointed receiver and sold the failed bank's deposits to First NBC Bank of New Orleans, which also agreed to take on $354.4 million of the failed bank's assets, with the FDIC retaining the rest for later disposition.The failed bank's 17 branches were scheduled to reopen during normal business hours, beginning on Saturday, as First NBC Bank branches.The FDIC estimated that the cost of Central Progressive Bank's failure to the deposit insurance fund would be $58.1 million. Thorough Bank Failure CoverageGeorgia leads all states with 23 bank failures this year, followed by Florida, with 12 failures, and Illinois, with nine bank closures. All previous bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:

The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.RELATED STORIES: Regions: Financial Winner >Bank of America Kicks Off Shareholder Dilution >Bank of America Confirms Recent Layoffs >Volcker Stealing Goldman Sachs' Mojo: Analyst >5 Financial Stocks Hedge Funds Are Buying >2 Deals to Watch: Beer With a Shot of Derivatives >U.K Begins to Recognize Bank Bailout Pain >--

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