Repeating a familiar pattern of recent years, banks failed Friday in Georgia and Illinois.
Two were closed in Georgia; another, in Chicago, was the city's first failure of 2011.
Combined the three banks had $442.5 million of assets and are expected to cost the Deposit Insurance Fund $118.4 million.
Fourteen U.S. banks have failed in 2011.
The Georgia Department of Banking and Finance closed the $238.2 million-asset American Trust Bank in Roswell and the $153.2 million-asset North Georgia Bank in Watkinsville, making the state home to four failures this year.
The bank unit of Renasant Corp. in Tupelo, Miss., entered into an agreement with the Federal Deposit Insurance Corp. to assume American Trust's $222.2 million of deposits.
The $4.3 billion-asset Renasant Bank also agreed to buy $147.4 million of American Trust's assets, with $94.3 million covered by a loss-sharing agreement with the FDIC. The agency said it would retain the remaining assets for later disposition. That failure is expected to cost the fund $71.5 million.
The $250 million-asset BankSouth of Greensboro, Ga., agreed to assume North Georgia Bank's $139.7 million of deposits, minus certain brokered and Internet deposits. BankSouth also agreed to purchase $123.9 million of assets, with $120.1 million of those covered by a loss-sharing agreement. That failure is expected to cost the fund $35.2 million.
Later in the evening, the Illinois Department of Financial and Professional Regulation shuttered the $51.1 million-asset Community First Bank - Chicago.
Northbrook Bank and Trust Co., a unit of the $14 billion-asset Wintrust Financial Corp. of Lake Forest, Ill., paid a 0.5% premium for Community First's $49.5 million of deposits. Northbrook also agreed to buy all of the bank's assets, with $42.8 million of them covered by a loss-sharing agreement. The failure is expected to cost $11.7 million.