Other liabilities than just the deposits factor into this. Based on below figures, it would seem their total assets by this year would have been less than the outstanding liabilities plus insured deposits. Also those assets may be distressed since FDIC had to offer a loss-share to the receiving bank.
The real story though is the draining of the FDIC, it being in the red financially itself now, and more bank closures expected this year.
It may need a bailout by end of this year. Another question is why the FDIC is shutting down a bank (Ranier Pacific) with assets over 750 million and deposits of less than 500 million? Was this particular shutdown a ripoff of the holding company and it's shareholders? Remember, the FDIC depends on banks to support it, so technically if enough banks fail, especially this year, it will fail just like FSLIC did years ago.
The pace of bank seizures this year is likely to accelerate in coming months, FDIC officials said this week.
As the economy has weakened, with unemployment rising, home prices tumbling and loan defaults soaring, bank failures have accelerated and sapped billions of dollars out of the federal deposit insurance fund. It fell into the red last year, hitting a $20.9 billion deficit as of Dec. 31.
Carson River Community bank's failure will cost the FDIC's insurance fund about $7.9 million. Rainier Pacific's failure will cost the insurance fund about $95.2 million.
The FDIC expects the cost of resolving failed banks to grow to about $100 billion over the next four years.
The agency mandated last year that banks prepay about $45 billion in premiums, for 2010 through 2012, to replenish the insurance fund.
Rainier Pacific Bank had $717.8 million in assets and $446.2 million in deposits as of Dec. 31. (whole article at link, above are excerpts)