FDIC Bank Closure Report (Revised)

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This week the Federal Deposit Insurance Corporation closed five banks: Mirae Bank (Los Angeles, CA); MetroPacific Bank (Irivine, CA); Horizon Bank (Pine City, MN); Neighborhood Community Bank (Newnan, GA); and Community Bank of West Georgia (Villa Rica, GA). Total assets of the five closed banks were $1,044,600,000. The cost to the FDIC is estimated at $264,200,000. The percentage of FDIC loss out of total assets for the five is 25.29%.

These closures bring the total assets of FDIC-failed banks (since December of 2007) to $409,703,680,000, with cost-to-FDIC brought to $26,218,100,000 - 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 6.40%, up from 6.35% as of last report.

Upon elimination of WaMu's assets from the analysis, total assets are $102,703,680,000, and total cost is $26,218,100,000. The percentage of FDIC losses to total assets now stands at 25.53%, even with 25.53% as of last report.

We have determined the ratio of bank closures to population, and the ten most afflicted states are:

1. Nevada
2. Georgia
3. Utah
4. Kansas
5. Minnesota
6. Illinois
7. Oregon
8. Missouri
9. Colorado
10. Washington

A perhaps more telling indicator of stress in each state is the total losses-to-assets ratio in each state. The worst are as follows:

1. Utah - 40.32%
2. New Jersey - 40.13%
3. Idaho - 39.11%
4. Michigan - 39.03%
5. Florida - 38.11%
6. West Virginia - 36.52%
7. Maryland - 35.00%
8. Minnesota - 33.01%
9. Georgia - 32.42%
10. Washington - 32.39%