FDIC Bank Failure Report

This week, the Federal Deposit Insurance Corporation closed one, small bank: Bank of Wyoming (Thermopolis, WY). Total assets of the closed bank was $70,000,000. The cost to the FDIC is estimated at $27,000,000. The percentage of FDIC loss out of total assets is 38.57%.

This closure brings the total assets of FDIC-failed banks (since December of 2007) to $411,258,680,000, with cost-to-FDIC brought to $26,559,400,000 - 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 6.46%, up from 6.45% as of last report.

Upon elimination of WaMu's assets from the analysis, total assets are $104,258,680,000, and total cost is $26,559,400,000. The percentage of FDIC losses to total assets now stands at 25.47%, unchanged from last report.

On the basis of the ratio of bank closures to population, and the ten most afflicted states are:

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

On the basis of 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. Wyoming - 38.57%
6. Florida - 38.11%
7. West Virginia - 36.52%
8. Maryland - 35.00%
9. Minnesota - 33.01%
10. Georgia - 32.42%