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Hamilton State Acquires Lender as U.S. Bank Failures Rise to 47

June 17 (Bloomberg) -- Hamilton State Bancshares Inc., the lender that raised more than $120 million in private-equity funds last year, purchased a failed Georgia firm as this year’s tally of U.S. bank failures climbed to 47.

Hamilton State purchased McIntosh State Bank of Jackson, Georgia, the Federal Deposit Insurance Corp. said today on its website. Stonegate Bank of Fort Lauderdale, Florida, purchased First Commercial Bank of Tampa Bay. The two failures drained $108.5 million from the FDIC deposit-insurance fund.

Banks are closing under stress from commercial real estate loans, tied to property values that fell as much as 45 percent from the October 2007 peak through last August, according to Moody’s Investors Service. Regulators have shuttered 369 lenders since the start of 2008, FDIC data show.

Hamilton State, based in Hoschton, Georgia, paid a 0.5 percent premium to acquire McIntosh State’s $324 million in deposits, the FDIC said. New York-based Angelo Gordon & Co. and Tailwind Capital Group LLC agreed to inject about $60 million each into Hamilton State as part of a $232 million capital raise, according to a Feb. 28 statement.

Stonegate paid a premium of 0.5 percent to acquire First Commercial Bank of Tampa Bay’s almost $93 million in deposits, the FDIC said.

To contact the reporter on this story: Dakin Campbell in San Francisco at dcampbell27@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.

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