WASHINGTON ( TheStreet) -- State regulators shut down banks in four states Friday, bringing this year's tally of bank failures to 11 following 157 bank closures during 2010.

As receiver, the Federal Deposit Insurance Corp. found buyers for three of the failed institutions and estimated the bank closures would cost the deposit insurance fund a total of $545.5 million.

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


First State Bank

Oklahoma regulators shuttered First State Bank of Camargo, Okla. on Friday. The Oklahoma State Banking Department said in a press release that State Banking Commissioner Mick Thompson had closed First State Bank because of an "exhaustion of capital as a result of significant loan losses.

The FDIC was appointed receiver and arranged for the failed bank's total assets of $43.5 million and total deposits of $40.3 million to be assumed by Bank 7 of Oklahoma City.

First State Bank's office was scheduled to reopen Monday as a branch of Bank 7 and the failed bank's customers were advised to continue using the same office until Bank 7 completed systems changes that would allow the customers to access their deposits at all of the acquiring bank's branches.

The FDIC estimated the cost of the bank failure to the deposit insurance fund would be $20.1 million.

Unlike most failing banks and thrifts, First State Bank had not appeared on TheStreet's Bank Watch List as the bank was still considered adequately capitalized under the regulatory guidelines that most banks are required to follow through the end of 2010.

The Tier 1 leverage ratio was 7.12% and the total risk-based capital ratio was 9.58% as of Dec. 31, exceeding the 4% and 8% required for most institutions to be considered adequately capitalized.

As of Dec. 31, the bank's nonperforming assets -- including nonaccrual loans, loans past due 90 days or more, and repossessed real estate -- made up 4.25% of total assets, according to preliminary regulatory data provided by SNL Financial.

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