) - State and federal regulators closed two banks and one thrift Friday, bringing the total number of U.S. bank and thrift failures this year to 123.

The Office of Thrift Supervision closed

Century Bank FSB

of Sarasota, Fla., while Florida regulators shut down

Orion Bank

of Naples, Fla., and the Comptroller of the Currency took over

Pacific Coast National Bank

of San Clemente, Calif.

The OTS appointed the Federal Deposit Insurance Corp. receiver for Century Bank FSB. The FDIC arranged for


of Lafayette, La. to assume all of the failed thrift's deposits and $706 million of its $728 million in assets, with the FDIC retaining the rest for later disposition. IBERIABANK is a subsidiary of


(IBKC) - Get Report


While third-quarter financial information was not publicly available for Century Bank FSB, the thrift was included in


list of

undercapitalized banks and thrifts

as of June 30. Out of that list of 116 institutions, 32 have already failed.

Century Bank FSB's capital base was eroding from losses on nonperforming loans across its diversified mortgage portfolio.

The FDIC agreed to share in losses on $656 million of the assets acquired by IBERIABANK and estimated the cost to its insurance fund would be $344 million. Century Bank's 11 offices were set to reopen during their normal business hours as branches of IBERIABANK.

IBERIABANK was also the acquirer of

Orion Bank

of Naples, Fla. IBERIABANK agreed to purchase all of Orion's deposits and $2.4 billion of its $2.7 billion in assets. The FDIC agreed to share in losses on $1.9 billion of the acquired assets.

In a press release, IBERIABANK termed its two Florida acquisitions "opportunistic." Friday's acquisitions brought to four the number of failed institutions acquired by IBERIABANK Corp. during the current crisis, including

CapitalSouth Bank

of Birmingham, Ala., which failed on Aug. 21, and

ANB Financial

of Bentonville, Ark., which had $2.1 billion in total assets when it failed in May 2008.

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Orion Bank had more than one-third of its assets concentrated in commercial real estate and construction loans and suffered from mounting loan losses as real estate collateral values in southern Florida plunged. The bank was included in


preliminary list of

undercapitalized banks and thrifts

as of Sept. 30.

The failed bank's 23 branches were scheduled to reopen during normal business hours as IBERIABANK branches. The FDIC estimated Orion Bank's failure would cost the insurance fund $615 million.

The FDIC was appointed receiver for

Pacific Coast National Bank

of San Clemente, Calif. and sold all of the failed bank's deposits and nearly all of its $134 million in assets to

Sunwest Bank

of Tustin, Calif.

Pacific Coast was included on both the second- and third-quarter lists of undercapitalized banks published by


, with the bank's capital deteriorating as loan losses mounted.

The failed bank's two offices were scheduled to reopen Monday as Sunwest branches and the FDIC estimated the cost to its insurance fund would be $27 million.

Ongoing Bank Failure Coverage

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



bank failure map



leads all states with 26 bank or thrift failures during 2008 and 2009, followed by




with 20 each, and


with 13.

Large holding companies acquiring failed institutions during 2008 and 2009 have included

J.P. Morgan Chase

(JPM) - Get Report

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

U.S. Bancorp

(USB) - Get Report


SunTrust Banks

(STI) - Get Report


Regions Financial

(RF) - Get Report


Fifth Third Bancorp

(FITB) - Get Report


Zions Bancorp

(ZION) - Get Report


PNC Financial

(PNC) - Get Report

; and


(BBT) - Get Report


Free Financial Strength Ratings

One of the most important steps the FDIC has taken to curtail the likelihood of bank failures is the temporary increase of agency's basic limit on individual deposit insurance coverage to $250,000 from $100,000. This increase has been extended through 2013.

The FDIC has 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

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TheStreet.com Ratings

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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.