FDIC Bank Failure Report

This week the Federal Deposit Insurance Corporation closed three banks: First National Bank of Anthony (Anthony, KS); Cooperative Bank (Wilmington, NC); and Southern Community Bank (Fayetteville, GA). Total assets of the three closed banks were $1,503,900,000. The cost to the FDIC is estimated at $363,200,000. The percentage of FDIC loss out of total assets for the three is 24.15%.

These closures bring the total assets of FDIC-failed banks (since December of 2007) to $408,659,080,000, with cost-to-FDIC brought to $25,953,900,000 - 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 6.35%, up from 6.29% as of last report.

Upon elimination of WaMu's assets from the analysis, total assets are $101,659,080,000, and total cost is $25,953,900,000. The percentage of FDIC losses to total assets now stands at 25.53%, down from 25.55% as of last report.

Although the without-WaMu losses-to-assets took a slight dip this week, the trend in FDIC losses has effectively levelled out... at least for the time being. We sincerely doubt that the problems with the United States' banking system have resolved themselves overnight, so we expect to see a resuming of increasingly costly bank closures.