Bank Failures

I've warned you before, you have to watch Friday closely as FDIC closed seven banks today. Lets add it all up.

1. American National Bank, Parma, Ohio. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.1 million.

2. Century Security Bank, Duluth, Georgia. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $29.9 million.

3. Advanta Bank Corp., Draper, Utah. The bank was closed today by the Utah Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $635.6 million. Oops!

4. Appalachian Community Bank, Ellijay, Georgia. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $419.3 million. Oops again!

5. Bank of Hiawassee, Hiawassee, Georgia. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $137.7 million. Okay, not as bad as the other two, whew.

6. First Lowndes Bank, Fort Deposit, Alabama. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $38.3 million.

7. State Bank of Aurora, Aurora, Minnesota. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.2 million.

So, If I do the math right this equals a grand total of $1.282 billion out of the FDIC account. These were reported on the FDIC website.