WASHINGTON (TheStreet) -- Regulators closed four small banks and one savings and loan association Friday, bringing the 2009 tally of failed U.S. banks and thrifts to 69.

All five of the failed institutions were included in

TheStreet.com's

recent list of

undercapitalized banks and thrifts

. Twenty-seven of the 89 undercapitalized institutions listed at the end of May have failed so far.

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The Oklahoma State Banking Department took over

First State Bank of Altus

and appointed the Federal Deposit Insurance Corp. receiver. The FDIC sold all of the failed bank's deposits and branches to

Herring Bank

of Amarillo, Texas.

The Florida Office of Financial Regulation shut down

Integrity Bank

of Jupiter, Fla. The FDIC was appointed receiver and sold all of Integrity Bank's deposits and branches to

Stonegate Bank

(SGBK)

of Fort Lauderdale, Fla.

The Office of Thrift Supervision closed

Peoples Community Bank

of West Chester, Ohio. As receiver, the FDIC sold all of the failed thrift's deposits and branches to

First Financial Bank

of Hamilton, Ohio, a subsidiary of

First Financial Bancorp

(FFBC) - Get Report

. Peoples Community was held by

Peoples Community Bancorp

( PCBI).

State regulators shuttered

First BankAmericano

of Elizabeth, N.J. The FDIC was appointed receiver and sold all of the failed bank's deposits and offices to

Crown Bank

of Brick, N.J.

Lastly, Illinois regulators closed

Mutual Bank

of Harvey, Ill. and appointed the FDIC receiver. The FDIC then sold all of Mutual Bank's deposits and branches to

United Central Bank

of Garland, Texas.

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 21 bank or thrift failures during 2008 and 2009, followed by

Illinois

with 14, California with 13,

Florida

with six and Nevada with four.

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

;

BB&T Corp

(BBT) - Get Report

; and

Zions Bancorporation

(ZION) - Get Report

.

First State Bank of Altus

TheStreet.com Ratings

had assigned First State Bank of Altus an E-minus (Very Weak) financial strength rating in March, which was a downgrade from an E the previous quarter. The institution was undercapitalized under

regulatory capital guidelines

since the end of the second quarter of 2008 when it charged off $2 million in commercial loans.

Nonperforming loans spiked during the third quarter, with nonperforming assets (including loans past due 90 days or more or in nonaccrual status, along with repossessed real estate) comprising 26% of total assets as of Sept. 30. By the end of the first quarter of 2009, this ratio had climbed to 35%, a critical level for almost any bank.

First State Bank of Altus had $103 million in total assets and $98 million in deposits. Its two offices were set to reopen Saturday as branches of Herring Bank. In addition to the deposits, Herring Bank acquired roughly $64 million in assets from the failed institution, with the FDIC holding the rest for later disposition. The FDIC estimated the cost to its insurance fund would be $25.2 million.

Integrity Bank

Integrity Bank was assigned an E-minus rating by

TheStreet.com Ratings

in July, a downgrade from an E-plus the previous quarter. The bank posted a first-quarter net loss of $4.3 million, mainly from charge-offs of nonperforming commercial construction loans. This left it

undercapitalized

with a total risk-based capital ratio of 6.62% as of March 31. This ratio needs to be at least 10% for most banks to be considered well capitalized under regulatory guidelines

Integrity Bank was organized in July, 2004. While the bank did achieve profitability in 2006, it was heavily concentrated in commercial real estate and construction loans, and was overwhelmed as Florida's real estate bubble popped.

The institution had $119 million in total assets and total deposits of $102 million. Its office was scheduled to reopen Monday as a branch of Stonegate Bank. In addition to the deposits, Stonegate acquired $52 million in assets from Integrity Bank, with the FDIC retaining the rest for later disposition. The FDIC estimated the cost to its insurance fund would be $46 million.

Peoples Community Bank

Peoples Community Bank had been assigned an E-minus rating by

TheStreet.com Ratings

in December, which was a downgrade from a D-minus (Weak) the previous quarter. The bank recorded net losses of $40 million for 2008 resulting from loan charge-offs in its commercial real estate portfolio as well as some residual losses. Then a $4 million first-quarter net loss left the thrift critically undercapitalized with a Tier 1 leverage ratio of 1.81% and a total risk-based capital ratio of 2.82%.

Peoples Community had $706 million in total assets and $598 million in deposits. The failed institution's 19 offices were to reopen as branches of First Financial Bank on Monday. With First Financial acquiring nearly all of the failed thrift's assets, in addition to the deposits, the FDIC agreed to share in losses on about $658 million in acquired assets. The agency estimated the cost to its insurance fund would be $129.5 million.

First BankAmericano

TheStreet.com Ratings

had assigned First BankAmericano an E-minus financial strength rating in March, which was a downgrade from a D-minus the previous quarter. Net losses totaling $13 million in 2008 -- mainly from $6.7 million in charge-offs on residential construction loans and commercial real estate loans -- left it undercapitalized as of Dec. 31. A first-quarter net loss of $2.6 million left First BankAmericano critically undercapitalized.

First BankAmericano had $166 million in total assets and deposits totaling $157 million. Its six offices were scheduled to reopen Saturday as branches of Crown Bank. In addition to the deposits, Crown Bank acquired nearly all of First BankAmericano's assets.

The FDIC estimated the cost to its insurance fund would be $15 million.

Mutual Bank

Mutual Bank had been assigned an E-minus rating by

TheStreet.com Ratings

March, a downgrade from a D-minus the previous quarter. As nonaccrual commercial real estate and construction loans mounted, the institution posted a $58 million net loss during the fourth quarter, followed by another $58 million net loss in the first quarter. This left Mutual Bank critically undercapitalized with a Tier 1 leverage ratio of just 1.06% as of March 31.

Mutual Bank had $1.6 billion in total assets as of March 31, along with $1.6 billion in deposits. All 12 of Mutual Bank's branches were set to reopen during normal business hours Saturday as branches of United Central Bank. United Central acquired nearly all of Mutual Bank's assets, with the FDIC agreeing to share in losses on $1.3 billion.

The FDIC estimated the cost to its insurance fund would be $696 million.

Free Financial Strength Ratings

While depositors suffered no losses in the five failures on Friday, there have been five instances this year when a bank failed and the FDIC was unable to find another institution to acquire its deposits. Depositors with total balances exceeding FDIC insurance limits lost money in four of those failures.

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.

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.