FDIC Bank Failure Report - Unbelievably Extra-Late Edition

Last week, the Federal Deposit Insurance Corporation closed five banks: First Bank of Kansas City (Kansas City, Missouri); InBank (Oak Forest, Illinois); Vantus Bank (Sioux City, Iowa); Platinum Community Bank (Rolling Meadows, Illinois); and First State Bank (Flagstaff, Arizona). Total assets of the closed banks were $1,136,600,000. The cost to the FDIC is estimated at $401,300,000. The percentage of FDIC loss out of total assets is 35.31%.

This closure brings the total assets of FDIC-failed banks (since December of 2007) to $463,254,780,000, with cost-to-FDIC brought to $36,763,800,000 - 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 7.94%, up from 7.87% as of last report.

Upon elimination of WaMu's assets from the analysis, total assets are $156,254,780,000, and total cost is $36,763,800,000. The percentage of FDIC losses to total assets now stands at 23.53% up from 23.44% 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. Illinois
4. Utah
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. Iowa - 36.68%
8. West Virginia - 36.52%
9. Nevada - 35.56%
10. Arizona - 34.45%