Bank Failure Friday: The 13th in 2012. FDIC Covered Institutions Decline 13 Percent.

# 13 was New City Bank, Chicago, Illinois, costing the FDIC $17.4 million. No buyers for this one.

As of this date, FDIC coverage extends to 7,359 bank and savings institutions.

When IndyMac Bank of Pasadena, CA, failed in July 2008, there were 8,494 insured institutions.

The number of banks covered by the FDIC has thus contracted by over 13 percent in consequence of the depression of 2008-2009.

It took until March 2009 to complete the sale of IndyMac, which was originally estimated to cost the FDIC between $4 billion and $8 billion. In the end, its failure cost the FDIC $10.7 billion.