FDIC Bank Closure Report, Quite Late

Last week, the Federal Deposit Insurance Corporation closed three banks: First State Bank (Sarasota, Florida); Community National Bank of Sarasota County (Venice, Florida); Community First Bank (Prineville, Oregon). Total assets of the closed banks were $769,000,000. The cost to the FDIC is estimated at $185,000,000. The percentage of FDIC loss out of total assets is 24.06%.

This closure brings the total assets of FDIC-failed banks (since December of 2007) to $419,464,280,000, with cost-to-FDIC brought to $28,979,700,000 - 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 6.91%, up from 6.88% as of last report.

Upon elimination of WaMu's assets from the analysis, total assets are $112,464,280,000, and total cost is $28,979,700,000. The percentage of FDIC losses to total assets now stands at 25.77% down from 25.78% as of last report.

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

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

On the basis of the total losses-to-assets ratio in each state, the worst are as follows:

1. Utah - 40.32%
2. Idaho - 39.11%
3. Michigan - 39.03%
4. Wyoming - 38.57%
5. Florida - 37.62%
6. West Virginia - 36.52%
7. Maryland - 35.00%
8. South Dakota - 33.90%
9. Minnesota - 33.01%
10. Washington - 32.39%