Ah, what would be a weekend start without a few more bank failures. This week's closures, along with their costs to the FDIC deposit insurance fund are:

• High Desert State Bank, Albuquerque, New Mexico $20.9 million
• First National Bank Savannah, Georgia - $68.9 million
• Peninsula Bank, Englewood, Florida - $194.8 million

Last year's tally was 140. This years total bank failures are expected to top 2009.

Bank Failure Friday has just one reporting this week.

Pinehurt Bank, Minnesota. Cost to the FDIC: $6 million.

The FDIC also released it's quarterly report. A negative $20.7 billion in the deposit insurance fund was considered a positive.

The number of institutions on the FDIC's "Problem List" rose to 775, up from 702 at the end of 2009. In addition, the total assets of "problem" institutions increased during the quarter from $403 billion to $431 billion. These levels are the highest since June 30, 1993, when the number and assets of "problem" institutions totaled 793 and $467 billion, respectively, but the increase in the number of problem banks was the smallest in four quarters. Forty-one institutions failed during the first quarter. Chairman Bair noted that the vast majority of "problem" institutions do not fail.

The Deposit Insurance Fund (DIF) balance improved for the first time in two years. The DIF balance – the net worth of the fund – increased slightly to negative $20.7 billion, from negative $20.9 billion (unaudited) on December 31, 2009. The fund balance reflects a $40.7 billion contingent loss reserve that has been set aside to cover estimated losses. Just as banks reserve for loan losses, the FDIC has to set aside reserves for anticipated closings. Combining the fund balance with this contingent loss reserve shows total DIF reserves of $20 billion. Total insured deposits increased by 1.3 percent ($70.0 billion) during the first quarter.

This week took 7 more banks, notably three in Puerto Rico. The cost for this Friday's closings is $7.4 billion dollars.

CBS MarketWatch:

The Federal Deposit Insurance Corp. said Puerto Rico's Westernbank, Eurobank and R-G Premier Bank of Puerto Rico were all closed, with a combined $14.84 billion in deposits.

Tamalpais Bank of San Rafael, California, with $628.9 million in total assets.
City Bank of Lynnwood, Washington, with $1.13 billion in total assets.

That makes 50 banks so far this year.