WASHINGTON - April 30, 2011 - Regulators on Friday shut down banks in Florida, Georgia and Michigan, a total of five closures that lifted the number of U.S. bank failures this year to 39.

The pace of closures has slowed, however, as the economy improves and banks work their way through piles of bad debt. By this time last year, regulators had closed 64 banks.

The Federal Deposit Insurance Corp. seized First National Bank of Central Florida, based in Winter Park, Florida, with $352 million in assets, and Cortez Community Bank of Brooksville, Florida, with $70.9 million in assets.

The agency also took over First Choice Community Bank of Dallas, Georgia, with $308.5 million in assets; Park Avenue Bank, based in Valdosta, Georgia, with $953.3 million in assets; and Community Central Bank in Mount Clemens, Michigan, with $476.3 million in assets.

Miami-based Premier American Bank agreed to assume the assets and deposits of First National Bank of Central Florida and Cortez Community Bank. Bank of the Ozarks, based in Little Rock, Arkansas, is acquiring the assets and deposits of First Choice Community Bank and Park Avenue Bank. Talmer Bank & Trust, based in Troy, Michigan, agreed to assume the assets and deposits of Community Central Bank.

In addition, the FDIC and Premier American Bank agreed to share losses on $270 million of First National Bank of Central Florida's loans and other assets, and on $51.3 million of Cortez Community Bank's assets.

The agency and Bank of the Ozarks are sharing losses on $260.7 million of First Choice Community Bank's assets and $514.1 million of Park Avenue Bank's assets. Talmer Bank & Trust is sharing with the FDIC $362.4 million of Community Central Bank's assets.

The failure of First National Bank of Central Florida is expected to cost the deposit insurance fund $42.9 million. The failure of Cortez Community Bank is expected to cost $18.6 million; that of First Choice Community Bank $92.4 million; Park Avenue Bank, $306.1 million; and Community Central Bank, $183.2 million.

Florida and Georgia have been the hardest-hit states for bank failures. Twenty-nine banks were shuttered in Florida last year and 16 in Georgia. The four shutdowns in those states on Friday brought to four and 10 the number of bank failures in Florida and Georgia, respectively this year.

Kalifornia and Illinois also have seen large numbers of bank failures.