FDIC Bank Failure Report - Extra-Late Edition

Last week, the Federal Deposit Insurance Corporation closed four banks: ebank (Atlanta, Georgia); First Coweta (Newnan, Georgia); CapitalSouth Bank (Birmingham, Alabama); and Guaranty Bank (Austin, Texas). Total assets of the closed banks were $13,927,000,000. The cost to the FDIC is estimated at $3,262,000,000. The percentage of FDIC loss out of total assets is 23.42%.

This closure brings the total assets of FDIC-failed banks (since December of 2007) to $460,207,180,000, with cost-to-FDIC brought to $35,916,500,000 - 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 7.80%, up from 7.32% as of last report.

Upon elimination of WaMu's assets from the analysis, total assets are $153,207,180,000, and total cost is $35,916,500,000. The percentage of FDIC losses to total assets now stands at 23.44% down from 23.45% as of 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. 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. Pennsylvania - 50.75%
2. Utah - 40.32%
3. Idaho - 39.11%
4. Michigan - 39.03%
5. Wyoming - 38.57%
6. Florida - 37.62%
7. West Virginia - 36.52%
8. Nevada - 35.56%
9. Maryland - 35.00%
10. South Dakota - 33.90%