WASHINGTON ( TheStreet) - State regulators shuttered three more banks in Florida, Pennsylvania and Wisconsin respectively Friday, bringing this year's total number of bank failures to 149.

All three failed banks were previously included in TheStreet's Bank Watch List of undercapitalized institutions, based on preliminary third-quarter regulatory data provided by SNL Financial.

Gulf State Community Bank

The Florida Office of Financial Regulation closed Gulf State Community Bank of Carrabelle, Fla. The Federal Deposit Insurance Corp. was appointed receiver and sold the failed institution to Centennial Bank of Conway, Ark.

Gulf State Community Bank had $112 million in total assets when it failed. The bank had slipped to undercapitalized in December 2009, when a net loss of $2.9 million lowered its Tier 1 leverage ratio to 3.02% and its total risk-based capital ratio to 5.23%. These ratios need to be at least 4% and 8% for most banks to be considered adequately capitalized by regulators, and 5% and 10% to be considered well-capitalized.

Further losses totaling $4.29 million during the first three quarters of 2010 left the bank with negative capital ratios as of September 30.

The bank's portfolio was heavily concentrated in construction loans and commercial real estate loans and its nonperforming assets -- including loans past due 90 days, nonaccrual loans and repossessed real estate -- made up nearly 23% of its total assets as of September 30.

A November 2009 consent order from the FDIC and state regulators required Gulf State Community Bank's board of directors to improve their supervision of the institution and retain qualified management. The bank was also required to increase its Tier 1 leverage ratio to 8% and its total risk-based capital ratio to 12% within 90 days. The bank had little chance of achieving the required capital raise, since potential investors are more likely to invest in a failed bank -- with a generous loss-sharing agreement with the FDIC -- rather than prop up a bank with poor asset quality.

The FDIC agreed to cover 80% of losses on $84.4 million of the assets acquired by Centennial Bank, which is a subsidiary of Home BancShares ( HOMB). The failed bank's five offices were set to reopen as Centennial Branches during normal business hours, beginning Saturday.

The FDIC said the cost of Gulf State Community Bank's failure to the deposit insurance fund would be $42.7 million.

Centennial Bank previously acquired the failed Wakulla Bank of Crawford, Fla. on October 1 and Coastal Community Bank of Panama City, Fla. and Bayside Savings Bank of Port St. Joe, Fla., both on July 30.

In March, Centennial acquired the failed Old Southern Bank of Orlando, Fla. and Key West Bank.

Allegiance Bank of North America

The Secretary of the Pennsylvania Department of Banking shut down Allegiance Bank of North America of Bala Cynwyd, Pa. The FDIC was appointed receiver and sold the failed institution's $92 million in deposits for a 0.50% premium to VIST Bank of Wyomissing, Pa.

VIST Bank is held by VIST Financial Corp. ( VIST).

In addition to the deposits, VIST Bank acquired the failed bank's $106.6 million in assets, with the FDIC agreeing to cover 80% of losses on $86.2 million.

After posting net losses of $4.7 million during the first three quarters of 2010 following a $9.3 million loss during 2009, Allegiance Bank of North America was critically undercapitalized as of September 30, with a Tier 1 leverage ratio of 1.15% and a total risk-based capital ratio of 3.12% and the bank's nonperforming assets ratio was 7.39%.

A November order from state regulators and the FDIC required the bank to retain qualified management, improve its loan policies and procedures and bring its Tier 1 leverage and total risk-based capital ratios to 8% and 12% by June 30.

The failed bank's five branches were scheduled to reopen on Monday as branches of VIST Bank. The FDIC estimated the cost of the bank's failure to the deposit insurance fund would be $14.2 million.

First Banking Center

Wisconsin regulators closed First Banking Center of Burlington. As receiver, the FDIC sold the failed bank's $664.8 million in deposits to First Michigan Bank of Troy.

First Michigan also agreed to assume the failed institution's $750.7 million in total assets, with the FDIC agreeing to share in losses on $515.6 million.

First Banking Center was undercapitalized since the end of 2009, after a $16.4 million fourth-quarter net loss left it with a Tier 1 leverage ratio of 3.76% and a total risk-based capital ratio of 6.92%. After another $27.8 million in net losses during the first three quarters of this year, the respective capital ratios were 1.60% and 3.74% as of September 30 and the nonperforming assets ratio was 13.63%.

First Banking Center had been ordered by the Federal Reserve on August 9 to either merge with a stronger institution or raise sufficient capital to become adequately capitalized within 60 days.

The failed bank's 17 branches were scheduled to reopen during normal business hours Saturday as branches of First Michigan Bank. The FDIC estimated the cost of the failure to the deposit insurance fund would be $142.6 million.

Thorough Bank Failure Coverage

All bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:

The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2010 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.

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-- Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., 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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