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Updated with market close information.



) -- There are now 155 undercapitalized institutions on the


Bank Watch List, which is two more than last quarter, despite 11 banks being shuttered by regulators in the meantime.

Based on a set of preliminary fourth-quarter regulatory data supplied by HighlineFI for the nation's banks and savings and loan associations -- and factoring-in the

11 bank and thrift failures



final third-quarter Watch List was published on Nov. 16 -- 155 institutions were


at year-end, according to the regulatory guidelines that apply to most institutions.

Fourth-quarter data is now available for roughly 90% of U.S. banks and thrifts.

Click the link below to see the full list:

>>>Bank Watch List

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It is important to note that any capital raised by institutions during the first quarter of 2012 will not be reflected on the Watch List.

Most banks and thrifts need to maintain Tier 1 leverage, Tier 1 risk-based and total risk-based capital ratios of at least 5%, 6% and 10% to be considered well-capitalized under regulatory guidelines. Some trust banks carry lower capital requirements. The ratios need to be at least 4%, 4% and 8% for most to be considered

adequately capitalized


One banks on the preliminary fourth-quarter watch list was actually negatively capitalized as of Dec. 30.

New City Bank

of Chicago's Tier 1 leverage ratio fell to -2.38%, after the bank posted a fourth-quarter net loss of $5.2 million.

U.S. Century Bank

of Doral, Fla., is the largest institution on the preliminary fourth-quarter watch list, with $1.3 billion in total assets as of Dec. 30. The bank slipped from well capitalized to adequately capitalized in the fourth quarter of 2010, when it posted a $52 million net loss, as it set aside reserves, mainly for nonperforming commercial real estate and development loans, and saw its total risk-based capital ratio fall below 10.00%.

The bank slipped to undercapitalized in the third quarter. Total losses for 2011 were $79 million, and the bank's nonperforming assets ratio was a very high 21.58% as of Dec. 30, according to HighlineFI.

U.S. Century Bank in June of last year entered into a consent order with state regulators and the Federal Deposit Insurance Corp., agreeing to improve board of directors supervision of the institution, hire qualified new senior officers achieve a Tier 1 leverage ratio of 8% and a total risk-based capital ratio of 12% within 120 days of the order.

The second-largest undercapitalized bank on the preliminary fourth-quarter watch list is

First Mariner Bank

of Baltimore, which had $1.2 billion in total assets as of Dec. 31, and is a subsidiary of

First Mariner Bancorp



The holding company last April entered into an agreement with Priam Capital Fund I LP for an investment of $36.4 million, as part of the company's plan to raise $160 million in new capital. Priam's investment was contingent upon First Mariner lining up the remaining $123.6 million in capital, and the Nov. 30 deadline quietly passed without the deal being consummated.

First Mariner Bancorp did not return a call requesting comment for this article.

First Mariner's shares recovered from earlier losses, to close flat for Tuesday's trading session, at 35 cents.

Next is

Citizens First National Bank

of Princeton, Ill., which had $1.0 billion in total assets as of Dec. 31, and slipped to undercapitalized during the fourth quarter, when a $15.2 million net loss left the bank with a Tier 1 leverage ratio below 4.00%.

The bank is held by

Princeton National Bancorp


, and on Sept 20 entered into a consent order with the Office of the Comptroller of the Currency, agreeing to improve its credit administration, implement monthly liquidity reviews, submit a three-year strategic plan, and within 90 days bring its Tier 1 leverage ratio up to 8.00% and its total risk-based capital ratio up to 12%.

The holding company in October entered into an agreement with the Federal Reserve bank of Chicago, agreeing to act as a source of strength to the bank, submit a capital plan to the Fed.

The holding company hasn't yet announced its fourth-quarter results.

Capitol Bancorp


of Lansing, Mich., had nine undercapitalized bank subsidiaries as of Sept. 30, including

Central Arizona Bank

of Casa Grande,

Sunrise Bank of Arizona

of Phoenix,

Bank of Las Vegas


1st Commerce Bank

of North Las Vegas, Nev.,

Sunrise Bank

of Valdosta, Ga.,

First Carolina State Bank

of Rocky Mount, N.C.,

Pisgah Community Bank

of Asheville, N.C.,

Sunrise Bank of Albuquerque

N.M., and

Michigan Commerce Bank

of Ann Arbor.

The holding company had 64 separately-charted bank subsidiaries in 17 states at the end of 2009, and reduced the number of subsidiaries to 19 as of Sept. 30, through sales of some subsidiary banks and mergers of others.

Capitol Bancorp hasn't yet reported its fourth-quarter results.

Capitol Bancorp's shares recovered from earlier losses to close at 15 cents, for a 6% decline on Tuesday.

Thorough Bank Failure Coverage

A total of seven institutions have been shuttered by regulators this year, following 92 failures in 2011. During the current wave of failures that began in 2008, there have been 421 banks and thrifts closed by regulators, with Georgia in the lead with 75 bank closures; followed by Florida, with 60 failures; Illinois, with 47; and California, with 38 failed banks and thrifts.

All bank and thrift failures since the beginning of 2008 are detailed in


interactive bank failure map:

>>>Click here for the Bank Failure Map

The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2012 totals. Clicking on a state opens a detailed map pinpointing the locations and providing additional information for each bank failure.


Written by Philip van Doorn in Jupiter, Fla.

>To contact the writer of this article, click here:

Philip van Doorn


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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.