FDIC Bank Failure Report

This week the Federal Deposit Insurance Corporation closed three banks: one in Florida, and two in Illinois. Total assets of the closed banks were $13,774,000,000. The cost to the FDIC is estimated at 5,179,000,000. The percentage of FDIC loss out of total assets is 37.6%.

These closures bring the total assets of FDIC-failed banks (since December of 2007) to $406,504,118,000, with cost-to-FDIC brought to $25,401,700,000 - this includes the assets of Washington Mutual, whose closing offered no cost to the FDIC. The percentage of FDIC losses to total assets presently stands at 6.25%, up from 5.17% as of last report.

Upon elimination of WaMu's assets from the analysis, total assets are $99,504,180,000, and total cost is $25,401,700,000. The percentage of FDIC losses to total assets now stands at 25.53%, up from 23.56% as of last week.

The trend of ever-more-costly bank failures has been reinforced by this week's closures. There is no sign of 'bottoming' or recovery in the banking crisis.