FDIC Bank Failure Report (10/05/2009)

As of the evening of May 9th, the Federal Deposit Insurance Corporation has closed only one bank this weekend. From the FDIC's press release:

Westsound Bank, Bremerton, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. As of March 31, 2009, Westsound Bank had total assets of $334.6 million... the FDIC estimates the cost to its Deposit Insurance Fund will be $108 million.

Westsound Bank required the FDIC to cover losses equal to 32.28% of the bank's total assets.

This closure brings the total assets of FDIC-failed banks (since December of 2007) to $393,167,180,000, with cost-to-FDIC brought to $20,328,700,000 - this includes the assets of Washington Mutual, whose closing offered no cost to the FDIC. The percentage of bad assets to total assets presently stands at 5.17%, up from 5.15% as of last week.

Upon elimination of WaMu's assets from the analysis, total assets are $86,167,180,000, and total cost is $20,328,700,000. The percentage of bad assets to total assets now stands at 23.59%, up from 23.56% as of last week.

The trend of ever-more-costly bank closures seems to be continuing, though this week's closure is too small to effect the data one way or the other.