The FDIC’s tally of failed banks for the 2009 calendar year has hit 123. The agency joined state and federal regulators Friday to close the doors on one institution in California and two in Florida.

There seems to be no respite for small community banks as bad real estate loans wreak havoc on their balance sheets. Commercial loans have become the most troublesome for regional banks, as property prices in this sector have plummeted. According to recent reports, some of these lenders, who have stepped up to support development in their local communities, now find themselves as much as 300 percent over-leveraged in their commercial real estate portfolios.

The FDIC announced last week that it will require banks to prepay three years of insurance premiums to help the agency deal with the massive amount of closures already seen – and many more to come. FDIC officials say they expect the cost of bank failures between 2009 and 2013 to reach $100 billion.

On Friday, Pacific Coast National Bank in San Clemente, California was closed by the Office of the Comptroller of the Currency. The FDIC facilitated a deal with Sunwest Bank of Tustin, California to take over Pacific Coast’s $130.9 million in deposits, purchase $134.4 million in assets, and reopen its two branch offices. The FDIC said the California bank’s failure, which is the fifteenth in the Golden State this year, is expected to cost the agency $27.4 million.

Pacific Coast received $4.12 million in Troubled Asset Relief Program (TARP) aid from the Treasury as recently as January. At the time the bank said it was “well-capitalized,” according to the Orange County Register. But just a few months later, Pacific Coast officials acknowledged that its loan portfolio was in worse shape than initially thought, the local newspaper said.

The FDIC tapped Iberiabank of Lafayette, Louisiana as the acquiring institution of both Florida banks that were closed Friday – Century Bank in Sarasota and Orion Bank in Naples. The FDIC conceded to an arrangement with Iberiabank in which the agency will share in losses. incurred on the loans acquired by the Louisiana holding company.

Iberiabank will take over Century Bank’s 11 branches. It acquired Century’s $631 million in deposits at a 1.5 percent discount, and has purchased $706 million of the failed bank’s assets, with $656 of those assets covered under the loss-share agreement with the FDIC. Century Bank’s collapse is expected to cost the FDIC $344 million.