CHICAGO ( TheStreet) -- Regulators shut down seven Illinois banks Friday, bringing this year's tally of failed U.S. banks and thrifts to 57.

The Federal Deposit Insurance Corp. found buyers for all of the failed institutions, and the failed banks' branches were all expected to reopen Saturday.

All of the failed institutions were included in TheStreet.com's list of undercapitalized banks.

Ten banks in Illinois have failed this year, the most for any state, followed by Florida with nine -- including three bank failures last week -- and Georgia with seven.

Amcore

The Office of the Comptroller of the Currency closed Amcore Bank NA, the main subsidiary of Amcore Financial ( AMFI). Amcore had $3.8 billion in total assets and 58 branches, making it the largest failure on Friday.

The FDIC was appointed receiver and sold all of Amcore's deposits for a small premium to Harris NA of Chicago. Harris is a subsidiary of Bank of Montreal ( BMO).

The FDIC agreed to share in losses on $2 billion of the assets acquired by Harris and estimated the cost to the deposit insurance fund would be $220.3 million.

The remaining six failed banks were all shut down by the Illinois Department of Financial and Professional Regulation.

MB Financial Scoops Up Two More

The FDIC arranged for Broadway Bank and New Century Bank, both of Chicago, to be taken over by MB Financial Bank NA, the main subsidiary of MB Financial ( MBFI).

MB Financial, which is also headquartered in Chicago, paid no premium to the FDIC for the failed banks' deposits.

Broadway Bank had total assets of $1.2 billion, and the FDIC agreed to share in losses on $878 million, projecting a cost of $394.3 million to its deposit insurance fund.

New Century Bank had roughly $486 million in assets. The FDIC agreed to share in losses on $429 million and projected the cost to the insurance fund would be $125.3 million.

MB Financial has now acquired six failed institutions during 2009 and 2010, the largest of which was Corus Bank, which failed in September 2009.

Citizens Bank & Trust Co. of Chicago

Citizens Bank & Trust Company of Chicago was the smallest failed institution on Friday, with one office and $77 million in total assets. The FDIC sold the failed bank's deposits for a small premium to Republic Bank of Chicago, along with most of the assets. The FDIC projected the cost of Citizens Bank & Trust's failure to the deposit insurance fund would be $20.9 million.

Two Wins for Wintrust Financial

Lincoln Park Savings Bank of Chicago had $200 million in total assets when it was shuttered on Friday. The FDIC sold the failed bank's deposits for a small premium to Northbrook Bank & Trust of Northbrook Ill. Northbrook is held by Wintrust Financial ( WTFC). The FDIC agreed to share in losses on $142 million of the acquired assets and estimated that the cost to its insurance fund would be $48.4 million.

Wheatland Bank of Naperville, Ill. had $437 million in assets when it failed, and was sold for a small premium on deposits to Wheaton Bank & Trust of Wheaton, Ill., also a subsidiary of Wintrust Financial. The FDIC agreed to share in losses on $300 million in assets acquired by Wheaton and estimated that the cost of Wheatland Bank's failure to the insurance fund would be $133 million.

Peotone Bank & Trust

Peotone Bank & Trust of Peotone, Ill. had total assets of $130 million when it was shut down. The FDIC sold the failed institution's $127 million in deposits for a 1% premium to First Midwest Bank of Itasca, Ill. First Midwest also acquired the failed bank's assets, with the FDIC agreeing to share in losses on $58 million. The agency estimated that the cost to its insurance fund from the failure of Peotone Bank & Trust would be $31.7 million.

First Midwest Bank is a subsidiary of First Midwest Bancorp ( FMBI). This was its second recent acquisition of a failed institution. First Midwest picked up First DuPage Bank of Westmont, Ill. in late October.

Ongoing Bank Failure Coverage

All previous bank and thrift failures since the beginning of 2008 are detailed in TheStreet.com's interactive bank failure map:

chart

The bank failure map is color-coded, with states having the greatest number of failures highlighted in red, and states with no failures in gray. By moving your mouse over a state you can see the combined totals for that state from 2008 to the present. Clicking on the state opens a detailed map that pinpoints the locations of the failures and provides additional information about each one.

Free Financial Strength Ratings

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.

-- 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.

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