Between Friday, February 26, 2010 and Thursday, March 11, 2010, the FDIC announced the closings of seven relatively small banks. That brought the year’s total (so far) to 27.

The seven banks had combined assets of approximately $2.1 billion and combined deposits of approximately $1.68 billion. The FDIC’s estimated cost of the closures was $432.7 million – about 26% of deposits.

While that cost figure is certainly not the worst seen in this crisis, there continues to be a huge disparity between the stated values of the closed banks’ assets and their market values estimated by the FDIC. Taken as a whole, the estimated market value of the seven banks’ assets ($1.25 billion) was only about 59% of the value claimed.

The largest of the banks closed, Rainier Pacific Bank of Tacoma, Washington, had stated assets of $717.8 million and deposits of $446.2 million, and the FDIC’s loss estimate was $95.2 million. That means the FDIC valued Rainier’s assets at about $351 million, only 49% of the value claimed.

Similarly, Centennial Bank of Ogden, Utah, had stated assets of $215.2 million and deposits of $205.1 million, and the FDIC’s loss estimate was $96.3 million. That means the FDIC valued Centennial’s assets at $108.8 million, only 51% of the value claimed.

Yesterday’s announcement of the closing of Liberty Pointe Bank of New York, NY, was unusual in that it came on a Thursday. It will be interesting to see what Friday evening brings.