4 banks fail, 20 total in 2010

NEW YORK (CNNMoney.com) -- Regulators shuttered four banks Friday night, bringing the tally of institutions that have gone under so far this year to 20.

Fridays closures cost the Federal Deposit Insurance Corporation almost $1.1 billion.

Texas, Florida, Illinois and California each had one bank closed by regulators.

The largest failure of the night was La Jolla Bank, FSB of La Jolla, California. It had approximately $3.6 billion in total assets and $2.8 billion in total deposits. OneWest Bank, FSB of Pasadena, California, assumed all of the Deposits of La Jolla Bank and agreed to purchase almost all of its assets.

In Illinois, George Washington Savings Bank of Orland Park was closed by the Illinois Department of Financial Professional Regulation -- Division of Banking, which appointed the FDIC as receiver. FirstMerit Bank, National Association of Akron, Ohio, assumed George Washington Savings Bank's approximately $412.8 million in total assets and $397 million in total deposits.

The Texas bank, La Coste National Bank, in La Coste, was closed by the state's Office of the Comptroller of the Currency. The office named the Federal Deposit Insurance Corp. the receiver.

In Florida, Marco Community Bank, in Marco Island, was closed by the state's Office of Financial Regulation. The office named the FDIC the receiver.

For La Coste, the FDIC entered into a purchase and assumption agreement -- in which it transfers control of the failed bank to a healthy institution -- with Community National Bank in Hondo, Tx.

Community National will assume La Coste's $53.9 million in assets and $49.3 million in deposits.

For Marco Community, the FDIC entered into a purchase and assumption agreement with Mutual of Omaha Bank, in Omaha, Neb.

Mutual of Omaha will assume Marco Community's $119.6 million in assets and $117.1 in deposits.

Customers of the failed banks are protected, however. The FDIC covers accounts up to $250,000.

All the closed banks will reopen Saturday under their new ownership.

Customers can still access their money over the weekend by writing checks or using ATMs or debit cards, the FDIC said. Checks will continue to be processed, and borrowers should make mortgage and loan payments as usual.