Bank Failure Friday: Midwest Edition

Satilla Community Bank of Saint Marys, Georgia
New Liberty Bank of Plymouth, Michigan
Southwest Community Bank of Springfield, Missouri

But the big winner of the day is: Midwest Bank and Trust Company of Elmwood Park, Illinois with $3.17 billion in total assets. This will cost the FDIC $216.4 million.

That makes 72 bank failures on the year so far.

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we need a running tally of FDIC costs

to add to this. While our lovely banksters have "perfect" trading quarters and record billion profits. These continual dropping like flies small and community banks barely gets an eye glance each Friday.

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Some rough totals

Just from adding up the total "cost to the Deposit Insurance Fund (DIF)" figures from each of the FDIC press releases this year, I come up with about 15.79 billion so far.

Jan: 3.22 billion
Feb: 1.17 billion
Mar: 1.48 billion
Apr: 9.40 billion
May: 0.52 billion so far

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Thanks Scooter

I think we need a pie chart on all of the costs to date, including Fed loan costs, Treasury, of this entire subprime/betting on subprime, meltdown.

I don't know about you, but because they are reported separately, i.e. TARP vs. Fed. vs. FDIC vs. Treas. vs. Fannie/Freddie it's hard to see the big picture on the total taxpayer on the hook situation.

I don't think SIGTARP has released a latest report but COP did, although it's on small business loans (which I've yet to write up).

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