Bank Failures: counting ‘em up

October 3, 2009

Here’s how bank failures have stacked up since the beginning of this failure cycle in 2007. The estimated DIF damage figure is pulled from FDIC press releases. The ultimate cost of many of the older failures may have differed significantly from initial esimates.

2007

  • Number of failed banks: 3
  • Vitals: assets of $2.6 billion, deposits of $2.4 billion
  • Estimated DIF damage: $113 million
  • Biggest failure: NetBank — $2.5 billion assets/$2.3 billion deposits/DIF damage: $110 million

2008

  • Number of failed banks: 25
  • Vitals: assets of $372 billion, deposits of $233.2 billion
  • Estimated DIF damage: $17.1 billion
  • Biggest failure: WaMu, $307b assets/$188b deposits/DIF damage: $0
  • Most expensive failure: IndyMac — $32b assets/$19.1b deposits/DIF damage: $10.7b

Q1 2009

  • Number of failed banks: 21
  • Vitals: assets of $9.6 billion, deposits of $7.9 billion
  • Estimated DIF damage: $2.3 billion
  • Biggest failure: County Bank, Merced CA — $1.7b assets/$1.3b deposits/DIF damage: $135m
  • Most expensive failure: Omni National, Atlanta — $1.0b assets/$800m deposits/DIF damage: $290m

Q2 2009

  • Number of failed banks: 24
  • Vitals: assets of $26.5 billion, deposits of $19.6 billion
  • Estimated DIF damage: $9.0 billion
  • Biggest failure: BankUnited — $12.8b assets/$8.6b deposits/DIF damage: $4.9b
  • Most expensive failure: see above

Q3 2009

  • Number of failed banks: 50
  • Vitals: assets of $68.7 billion, deposits of $60.0 billion
  • Estimated DIF damage: $14.9 billion
  • Biggest failure: Colonial Bank — $25.0b assets/$20.0b deposits/DIF damage: $2.8b
  • Most expensive failure: Guaranty Bank — $13.0b assets/$12.0b deposits/DIF damage: $3.0b

GRAND TOTALS

  • Number of failed banks: 123
  • Vitals: assets of $479 billion, deposits of $323.2 billion
  • Estimated DIF damage: $43.4 billion

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