TARP Will Cost How Much?

In the beginning, TARP was announced and it would cost $700 billion.

Then banks began repaying, and the cost was lowered to $341 billion in August 2009.

Then some warrants and preferred stock, and the cost was reannounced at $117 billion.

April 23rd, TARP losses were re-estimated to be as low as $85 billion.

At this pace, the U.S. Government will soon be announcing profits from TARP.

7 Illinois Banks Shut

The Federal Deposit Insurance Corp. took over seven banks Friday April 23, all in Illiniois, with four in Chicago. That brings the total number of closures in Illinois to 32 since the start of 2007. Georgia still leads the death count, with 38 failed banks since 2007.

The closures on Friday, in Chicago, with assets shown in millions:

New Century Bank, $485.6M
Citizens Bank&Trust Company, $77.3M
Broadway Bank, $1,200.0
M Lincoln Park Savings Bank, $199.9M

Elsewhere in Illinois:

Amcore Bank of Rockford, $3,800.0M
Peotone Bank and Trust Company, $130.2M
Wheatland Bank of Naperville, $437.2M

Bank failures remain concentrated in four states: California, Florida, Georgia, and Illinois. Minnesota is a distant fifth. Total closures by state, for January 2007 to date:

State Total
AL 4
AR 1
AZ 6
CA 26
CO 3
FL 25
GA 38
IA 1
ID 1
IL 32
IN 1
KS 4
KY 1
LA 1
MA 1
MD 3
MI 6
MN 11
MO 6
NC 2
NE 1
NJ 2
NM 1
NV 7
NY 3
OH 4
OK 1
OR 4
PA 2
SC 1
SD 1
TX 8
UT 5
VA 1
WA 8
WI 1
WV 1
WY 1

Total for all states, January 1, 2007 through April 23, 2010: 225 banks failed.

To get your own copy of the list of failed banks, in a CSV file suitable for analysis in your favorite spreadsheet software application, go to http://www.fdic.gov/bank/individual/failed/banklist.html.