FDIC Bank Failure Report

This past week, the Federal Deposit Insurance Corporation closed three banks: Bradford Bank (Baltimore, Maryland); Mainstreet Bank (Forest Lake, Minnesota); and Affinity Bank (Ventura, California). Total assets of the closed banks were $1,911,000,000. The cost to the FDIC is estimated at $446,000,000. The percentage of FDIC loss out of total assets is 23.34%.

This closure brings the total assets of FDIC-failed banks (since December of 2007) to $462,118,180,000, with cost-to-FDIC brought to $36,362,500,000 - 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 7.87%, up from 7.80% as of last report.

Upon elimination of WaMu's assets from the analysis, total assets are $155,118,180,000, and total cost is $36,362,500,000. The percentage of FDIC losses to total assets now stands at 23.44% unchanged from 23.44% as of last report.

These loss ratios have been so constant lately, we are wondering if the FDIC isn't just making up the numbers.

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. South Dakota - 33.90%
10. Washington - 32.39%