WASHINGTON (

TheStreet

) -- Regulators shut down three banks and two thrifts Friday, bringing the 2009 tally of failed U.S. banking institutions to 89.

In one of the closings, the Federal Deposit Insurance Corp. did not find an acquirer for the failed institution's deposits.

The Missouri Division of Finance took over

First Bank of Kansas City

and appointed the FDIC receiver. The FDIC sold all of the institution's deposits and branches to

Great American Bank

of De Soto, Kan.

Illinois regulators shut down

InBank

of Oak Forest, Ill. The FDIC was receiver and sold the failed bank's retail deposits and branches to

MB Financial Bank

of Chicago, a subsidiary of

MB Financial

(MBFI) - Get Report

.

The Office of Thrift Supervision seized

Vantus Bank

of Sioux City, Iowa, a subsidiary of

First Federal Bancshares

(FFSX)

. The FDIC was appointed receiver and sold all of Vantus Bank's deposits and branches to

Great Southern Bank

of Springfield, Mo., which is held by

Great Southern Bancorp

(GSBC) - Get Report

.

The OTS also shuttered

Platinum Community Bank

of Rolling Meadows, Ill. The FDIC was set to liquidate the thrift and mail checks out to depositors Tuesday. Platinum Community was a subsidiary of privately held

Taylor, Bean & Whitaker Mortgage

, which filed for bankruptcy protection on Aug. 5 after most of its mortgage business was suspended by the Department of Housing and Urban Development in the wake of a federal investigation connected with the failure of

Colonial Bank

.

Meanwhile, Arizona regulators closed

First State Bank

of Flagstaff, Ariz. As receiver, the FDIC sold the failed bank's deposits and branches to

Sunwest Bank

(SWBC)

of Tustin, Calif.

Four of the failed institutions were included in

TheStreet.com's

list of 116

undercapitalized banks and thrifts

, which was based on second-quarter data.

Of the 89 institutions on a previous list published by

TheStreet.com

in late May, 39 have failed.

All previous bank failures since the beginning of 2008 are detailed on

TheStreet.com's

interactive

Bank Failure Map

.

Georgia

continues to lead all states with 23 bank or thrift failures during 2008 and 2009, followed by

Illinois

with 16,

California

with 14,

Florida

with eight and

Nevada

with five.

Large bank holding companies that have acquired failed institutions during 2008 and 2009 include

J.P. Morgan Chase

(JPM) - Get Report

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

SunTrust Banks

(STI) - Get Report

;

Regions Financial

(RF) - Get Report

;

Fifth Third Bancorp

(FITB) - Get Report

;

U.S. Bancorp

(USB) - Get Report

;

Zions Bancorp

(ZION) - Get Report

;

PNC Financial

(PNC) - Get Report

; and

BB&T Corp

(BBT) - Get Report

.

First Bank of Kansas City

TheStreet.com Ratings

had assigned First Bank of Kansas City an E-minus (Very Weak) financial strength rating back in December, which was a downgrade from an E the previous quarter.

The small commercial lender rapidly deteriorated during the first half of 2009. Nonperforming assets, including loans past due 90 days or more or in nonaccrual status, made up 17.68% of total assets as of June 30. A second-quarter loss of $1.3 million left First Bank critically undercapitalized as of June 30, with a Tier 1 leverage ratio of 1.81% and a total risk-based capital ratio of 3.73%. These ratios need to be at least 5% and 10%, respectively, for most banks and thrifts to be considered well capitalized under

regulatory capital guidelines

. They need to be 4% and 8%, respectively, for most institutions to be considered adequately capitalized.

First Bank of Kansas City had $16 million in total assets and $15 million in deposits. The failed bank's office was set to reopen Saturday as a branch of Great American Bank.

In addition to the office and deposits, Great American took over all of First Bank's assets. The FDIC estimated the cost to its insurance fund would be $6 million.

InBank

InBank had been assigned a D-minus (Weak) rating by

TheStreet.com Ratings

in September 2008, a downgrade from a D the previous quarter. The most recent rating was based on March 31 financials that indicated the institution was still well capitalized under ordinary regulatory guidelines, with a Tier 1 leverage ratio of 9.10% and a total risk-based capital ratio of 12.24%. However, the institution later amended its regulator reports to show it was in a negative capital position.

InBank had $212 million in total assets when it was shut down, along with $199 million in deposits. In addition to all of the retail deposits, MB Financial Bank acquired most of the failed institution's assets.

InBank's three branches were schedule to reopen Saturday as branches of MB Financial. The FDIC estimated the cost to its insurance fund would be $66 million.

Vantus Bank

TheStreet.com Ratings

had assigned Vantus Bank a D rating in March, which was an upgrade from a D-minus the previous quarter.

A second-quarter loss of $18 million resulting primarily from securities losses left the institution significantly undercapitalized with a Tier 1 leverage ratio of 4.47% and a total risk-based capital ratio of 3.98%. In a press release announcing the failure, the OTS cited the Vantus Bank's lack of capital and liquidity, saying Vantus was "unlikely to be able to pay its obligations or meet its depositors' demands in the normal course of business."

Vantus Bank had $458 million in total assets and $368 million in deposits. In addition to the deposits, Great Southern Bank acquired $387 million in assets, with the FDIC agreeing to share in losses on $338 million.

Vantus Bank's 15 branches were scheduled to reopen Saturday as branches of Great Southern Bank.

The FDIC estimated the cost to its insurance fund would be $168 million.

Platinum Community Bank

Platinum Community Bank had been assigned a D-minus rating by

TheStreet.com Ratings

in March, which was an upgrade from an E-plus the previous quarter.

While Platinum Community Bank's nonperforming assets ratio was 6.27% as of June 30, the institution appeared very strongly capitalized, with a Tier 1 leverage ratio of 24.00% and a total risk-based capital ratio of 64.75%. The capital ratios increased during the first half of the year as Taylor, Bean & Whitaker injected cash into the thrift in order to set it up for expansion.

The OTS didn't provide any details on the closing of Platinum Community, but the holding company's bankruptcy, which resulted in part from accounting irregularities discovered in an outside audit, obviously led to instability at the thrift.

Platinum Community Bank had $346 million in total assets and $305 million in deposits. Because the FDIC didn't arrange for another institution to take over Platinum bank, the agency was returning deposits directly to customers. FDIC representative David Barr told

TheStreet.com

that the agency was still assessing the failed thrift's deposits but expected minimal deposits over insurance limits, and "possibly none."

First State Bank

TheStreet.com Ratings

had assigned First State Bank of Flagstaff an E-minus rating in March, which was a downgrade from an E-plus the previous quarter.

A $4.3 million net loss in the second quarter left First State Bank undercapitalized with a Tier 1 leverage ratio of 3.95% and a total risk-based capital ratio of 5.72% as of June 30. The bank's nonperforming assets ratio was 10.71%.

First State Bank had total assets of $105 million and $95 million in deposits. Because Monday is the Labor Day holiday, the failed bank's six branches were set to reopen Tuesday as branches of Sunwest Bank.

In addition to the branches and deposits, Sunwest acquired nearly all of First State's assets. The FDIC estimated the cost to its insurance fund would be $47 million.

Free Financial Strength Ratings

Including Platinum Community Bank, there have been eight failed institutions this year for which the FDIC was unable to find another institution to acquire deposits. Depositors with total balances exceeding FDIC insurance limits have lost money in five of those failures.

The FDIC's temporary increase of the basic individual deposit insurance limit to $250,000 has been extended through 2013, but the waiver of all limits on deposit insurance for non-interest-bearing checking accounts will end on June 30, 2010.

Even if your personal deposits are under FDIC insurance limits, you or someone you know are probably associated with a business, organization or government entity (such as a school district) with large deposits of somebody else's money in a local bank. In this environment, it is a very good idea to look into the health of your bank.

For depositors shopping for high-rate CDs through brokers, it is also important to consider the health of a bank or thrift, since attractive CD rates that are locked in can be lost when an institution fails. Depositors of three of the institutions that failed Friday face this inconvenience.

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.

--

Written 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.