WASHINGTON ( TheStreet) -- Regulators shut down three Puerto Rico banks Friday and four other banks in three states, bringing this year's total number of failed U.S. banks and thrifts to 64.

The Federal Deposit Insurance Corp. was appointed receiver and found buyers for all the failed banks, but it was a very expensive evening, with combined costs of $7.3 billion for the agency's deposit insurance fund.

Significant Consolidation in Puerto Rico

Three of Puerto Rico's 10 banks were closed by the commonwealth's Commissioner of Financial Institutions. The FDIC sold all three to other Puerto Rico institutions. The offices of all three failed banks were set to reopen during normal business hours as branches of the acquiring banks.

Eurobank of San Juan

Eurobank had $2.6 billion in total assets and was a subsidiary of EuroBancshares ( EUBK). The failed bank's $2 billion in deposits were acquired by Oriental Bank and Trust of San Juan for a 1.25% premium. Oriental Bank and Trust, a subsidiary of Oriental Financial Group ( OFG), also agreed to take over the failed bank's assets, with the FDIC agreeing to share in losses on $1.6 billion. The agency estimated the cost to its deposit insurance fund from Eurobank's failure would be $743.9 million.

R-G Premier Bank of Hato Rey

R-G Premier was a subsidiary of R&G Financial (RGFC) and had $5.9 billion in total assets. Scotiabank de Puerto Rico (a subsidiary of The Bank of Nova Scotia ( BNS)) acquired the failed bank, paying the FDIC a premium of 1.35% for $4.25 billion in deposits. The agency agreed to share in losses on $5.4 billion of the acquired assets and estimated the cost to the deposit insurance fund would be $1.23 billion.

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Westernbank Puerto Rico of Mayaguez

Westernbank Puerto Rico was a subsidiary of W. Holding ( WHI) and was the largest institution to fail Friday, with $11.9 billion in total assets. The FDIC arranged for Banco Popular de Puerto Rico to assume the failed bank's deposits and $9.4 billion of its assets, with the agency agreeing to share in losses on $8.8 billion and estimating $3.31 billion in costs to its insurance fund. Banco Popular is a subsidiary of Popular ( BPOP).

Westernbank is the third-costliest failure during the wave of bank and thrift failures that began in 2008, after IndyMac, which cost the insurance fund $10.73 billion and BankUnited, which cost $4.9 billion.

Two Bank Failures in Missouri

Champion Bank

State regulators shuttered Champion Bank of Creve Coeur, Mo. The failed bank had $187 million in assets and was acquired by BankLiberty of Liberty, Mo., which is a subsidiary of Liberty Bancorp ( LBCP). In addition to acquiring the failed banks deposits, BankLiberty acquired $153 million of Champion Bank's assets, with the FDIC holding the rest for later disposition. The agency agreed to share in losses on $113 million of the acquired assets and estimated that Champion Bank's failure would cost the deposit insurance fund $52.7 million. Champion Bank's office was scheduled to reopen Saturday as a BankLiberty branch.

BC National Banks

The Office of the Comptroller of the Currency closed BC National Banks of Butler, Mo., after which the FDIC arranged for the failed institution's $55 million in deposits and $62 million in total assets to be acquired by Community First Bank, which is also headquartered in Butler, Mo. Community First did not pay the FDIC a premium for the deposits. The agency agreed to share in losses on $38 million of the acquired assets and estimated the cost to the deposit insurance fund would be $11.4 million. BC National's branches were set to reopen Saturday as Community First branches.

CF Bancorp

The Michigan Office of Financial and Insurance Regulation closed CF Bancorp of Port Huron, Mich. The FDIC sold the failed institution's $1.4 billion in deposits for a 0.75% premium to First Michigan Bank of Troy, Mich. First Michigan also agreed to acquire $870 million of CF's $1.7 billion in assets, with the FDIC retaining the rest for later disposition. The FDIC agreed to share in losses on $808 million of the acquired assets and estimated that CF Bancorp's failure would cost $615.3 million. CF's 22 branches were scheduled to reopen during normal business hours as First Michigan branches.

Frontier Bank

State regulators closed Frontier Bank of Everett, Wash., which was a subsidiary of Frontier Financial ( FTBK). The FDIC arranged for Union Bank, NA of San Francisco to take over the failed bank, which had $3.5 billion in total assets.

Union Bank, NA is held by Mitsubishi UFJ Financial Group ( MTU). The FDIC agreed to share in losses on $3 billion in assets acquired by Union Bank, NA and estimated the cost of Frontier Bank's failure to the deposit insurance fund would be $1.37 billion. Frontier Bank's 51 branches were scheduled to reopen during normal hours as branches of Union Bank.

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. States that have the largest numbers of failures are highlighted in red, while states with no failures are highlighted in gray. By moving your mouse over a state you can see its combined 2008-2010 totals. Clicking on a state will open a detailed map that pinpoints the locations of its bank 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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