Two New Bank Failures Mean 15 for 2012

State regulators shuttered two banks Friday, lifting the national tally to 15 for 2012 so far.

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Branches fell dark last week for Rock Spring, Georgia-based Covenant Bank & Trust and Wilmette, Illinois-based Premier Bank.

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Covenant Bank & Trust went under with $95.7 million in total assets and $90.6 million in total deposits, burning $31.5 million from the ""FDIC's"":http://www.fdic.gov/ Deposit Insurance Fund.

St. Cloud, Minnesota-based ""Stearns Bank"":https://www.stearnsbank.com/ signed off on a loss-share transaction to cover $71.6 million in assets from the financial institution. Two branches under Covenant Bank & Trust also reopened under the new brand Monday.

Regulators in Illinois shut down Premier Bank with $268.7 million in total assets and $199 million in total deposits. The cost to the FDIC's insurance fund: $64.1 million.

The ""International Bank of Chicago"":http://www.inbk.com/ acquired virtually all of the assets from Premier, plus two branches that reopened Saturday.

Bank failures have slowed their pace this year, differing markedly from the collapse of 92 community banks last year and 157 in 2010.

The trends align with remarks by FDIC spokespeople in past interviews with _MReport_, with many calling 2010 the ""high-water mark"" for bank failures since the financial crisis.