Bank failures continue at a staggering pace – Year-to-date total more then $18 Billion

$838 million in losses to the FDIC in May

The bank failure crisis continues. During the month of May, the U.S. lost 14 more banking institutions at an estimate cost to the FDIC $808 million. The nearly 4 times as many banks failed during May 2010 when compared to the May 2009 May failure numbers. The following is a listing of bank failures for the month of May sorted by largest estimated loss to the smallest.

in Millions	Name of Bank	City	State
$216	Midwest Bank and Trust Company	Elmwood Park	IL
$97	Sun West Bank	Las Vegas	NV
$91	Bank of Florida – Southwest	Naples	FL
$88	1st Pacific Bank of California	San Diego	CA
$79	The Bank of Bonifay	Bonifay	FL
$71	Bank of Florida – Southeast	Fort Lauderdale	FL
$42	Towne Bank of Arizona	Mesa	AZ
$40	Bank of Florida – Tampa	Tampa	FL
$31	Satilla Community Bank	Saint Marys	GA
$29	Southwest Community Bank	Springfield	MO
$25	New Liberty Bank	Plymouth	MI
$17	Granite Community Bank, NA	Granite Bay	CA
$6	Pinehurst Bank	Saint Paul	MN
$6	Access Bank	Champlin	MN
$838

The year-to-date bank failure losses are staggering. So far for the year, estimated losses to the FDIC are just over $ billion. Florida is winning the race in terms of total number of failed banks, but Washington state takes the top failure by a state prize with more than $2.7 billion in estimated losses. The common wealth of Puerto Rico has the distinction of being the top loser with more then $5 billion in losses.

Year-to-date loses

States	Est. Losses in Millions	Number of Bankfailures
FL	$1,539.8	13
IL	$1,403.2	11
GA	$2,275.4	8
CA	$1,931.3	6
MN	$47.2	6
WA	$2,766.1	6
MO	$101.2	4
MI	$651.5	3
PR	$5,283.9	3
UT	$1,002.9	3
AZ	$148.5	2
NV	$104.6	2
NY	$75.5	2
AL	$137.2	1
LA	$38.1	1
MA	$22.9	1
MD	$51.0	1
NM	$201.9	1
OH	$17.1	1
OR	$172.5	1
SC	$130.3	1
TX	$3.7	1
Total	$18,105.8	78