WASHINGTON ( TheStreet) -- Regulators shut down three banks Friday, bringing the total number of failed institutions this year to 133.
TheStreet.com Ratings had previously given the banks E-minus (Very Weak) financial strength ratings, and all three were included in TheStreet.com's list of undercapitalized banks and thrifts.
The Office of the Comptroller of the Currency closed Republic Federal Bank NA of Miami, Fla. and appointed the Federal Deposit Insurance Corp. receiver. The FDIC sold the failed bank's $353 million in deposits to 1st United Bank of Boca Raton, Fla. for a 1% premium. 1st United also purchased $267 million of Republic Federal's $433 million in total assets at a discount of 37%. The FDIC agreed to share in losses on $210 million of the acquired assets and estimated the cost to its insurance fund would be $122.6 million. Republic Federal's four offices were scheduled to reopen Monday as 1st United branches.