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WASHINGTON (

TheStreet

) -- Regulators Friday seized nine U.S. banks -- a record number of failures in a single day during the 2008-2009 banking crisis.

The 2009 tally of failed U.S. banks and thrifts now stands at 115.

The nine failed banks were in four states. All were subsidiaries of

FBOP

, a privately held banking company headquartered in Chicago. Together, they had $19.4 billion in assets.

U.S. Bank N.A.

of Minneapolis, the main subsidiary of

U.S. Bancorp

(USB) - Get U.S. Bancorp Report

, acquired all of the nine banks' deposits and most of their assets.

FBOP had been under pressure over the past year as mounting losses on securities investments nearly wiped out its capital. The holding company's capital ratios were low enough for it to be considered

undercapitalized

for more than a year according to regulatory guidelines.

Despite the holding company's very weak capital position, five of the failed subsidiaries were still adequately capitalized as of June 30, so only four were included in

TheStreet Recommends

TheStreet.com's

most recent list of

undercapitalized banks and thrifts

.

Still, regulators shut down all nine banks because of the cross guaranty provisions that Congress added to the Federal Deposit Insurance Act in 1989. These provisions stipulate that all bank subsidiaries of a multibank holding company are financially responsible for the costs of resolving the failure of any of the other subsidiaries.

The Federal Deposit Insurance Corp. had been quietly soliciting bids for FBOP's subisidiary banks for several weeks. After state and federal regulators acted on Friday, the FDIC sold the nine banks' $15.4 billion in deposits and $18.2 billion of their assets to U.S. Bank N.A. Although the FDIC did not announce what U.S. Bank N.A. actually paid for the acquisitions, the agency agreed to share in losses on $14.4 billion of the acquired assets and estimated that the combined cost to the FDIC's deposit insurance fund would be $2.5 billion.

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The failed banks' 153 branches were set to reopen during normal business hours on Saturday. The nine failed banks were:

Bank USA, NA

of Phoenix. Total assets: $213 million.

Community Bank of Lemont

of Lemont, Ill. Total assets: $82 million.

San Diego National Bank

of San Diego. Total assets: $3.6 billion.

California National Bank

of Los Angeles. Total assets: $7.8 billion.

Pacific National Bank

of San Francisco. Total assets: $2.3 billion.

Park National Bank

of Chicago. Total Assets: $4.7 billion.

Citizens National Bank

of Teague, Texas. Total assets: $118 million.

Madisonville State Bank

of Madisonville, Texas. Total assets: $257 million.

North Houston Bank

of Houston. Total assets: $326 million.

Ongoing Bank Failure Coverage

All previous bank and thrift failures for 2008 and 2009 are detailed in

TheStreet.com's

interactive

bank failure map

.

Georgia

leads all states with 25 bank or thrift failures during 2008 and 2009, followed by

Illinois

with 20,

California

with 18 and

Florida

with 11.

U.S. Bancorp is among the large holding companies that have acquired failed institutions during 2008 and 2009. Others include

J.P. Morgan Chase

(JPM) - Get JPMorgan Chase & Co. Report

, which acquired Washington Mutual, the largest-ever bank or thrift to fail in the U.S.;

SunTrust Banks

(STI) - Get SunTrust Banks, Inc. Report

;

Regions Financial

(RF) - Get Regions Financial Corporation Report

;

Fifth Third Bancorp

(FITB) - Get Fifth Third Bancorp Report

;

Zions Bancorp

(ZION) - Get Zions Bancorporation, N.A. Report

;

PNC Financial

(PNC) - Get PNC Financial Services Group, Inc. Report

; and

BB&T

(BBT) - Get BB&T Corporation Report

.

Free Financial Strength Ratings

Last year the FDIC curtailed the likelihood of bank failures by temporarily increasing the agency's basic limit on individual deposit insurance coverage to $250,000 from $100,000. This increase has been extended through 2013.

The FDIC also temporarily waived all deposit insurance limits for business transaction accounts (checking accounts). This waiver is set to expire on June 30, 2010, after which business checking accounts will go back to the $100,000 deposit insurance limit.

This means it will be more important than ever for business and municipal entities such as school districts to carefully monitor the health of their banks. It's very easy to have more than $100,000 of somebody else's money flowing through a business account.

TheStreet.com Ratings

issues independent and very conservative financial strength ratings on each of the nation's 8,500 banks and savings and loans. They are available at no charge on the

Banks & Thrifts Screener

.

In addition, the Financial Strength Ratings for 4,000 life, health, annuity, and property/casualty insurers are available on the

Insurers & HMOs Screener

.

TheStreet.com Ratings

also provides award-winning stock ratings, which are available on the

Stock Ratings Screener

.

TheStreet.com Ratings

was recently ranked the No. 1 independent stock selector during the market meltdown by BNY ConvergEx Group's BNY Jaywalk.

--

Reported by Philip van Doorn in Jupiter Fla.

Philip W. van Doorn joined TheStreet.com Ratings., Inc., in February 2007. He is the senior analyst responsible for assigning financial strength ratings to banks and savings and loan institutions. He also comments on industry and regulatory trends. Mr. van Doorn has fifteen years experience, having served as a loan operations officer at Riverside National Bank in Fort Pierce, Florida, 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.