(MONEY Magazine) – Before the savings and loan mess becomes history, U.S. taxpayers -- you and all your neighbors -- will shell out $225 billion to cover the thrifts' red ink, and at least $300 billion in interest. But where will that money actually go? In effect, more than two-thirds of the $225 billion will be funneled to 293 S&Ls in just seven states (see the map below), according to a recent study by Veribanc, a banking research firm in Wakefield, Mass. The seven, which will get these welcome sums of up to nearly $6,000 per resident, are: -- Texas, $54 billion (24%). Fully 63% of the state's 194 S&Ls were insolvent in early 1990, owing to the collapse of the oil boom in the mid-1980s; 60 have been liquidated or merged with stronger institutions, and another 60 are still in the hands of the Resolution Trust Corporation, the federal bailout agency. -- Florida, $31.5 billion (14%). After demand for real estate turned sluggish in 1988, 30% of the state's 142 S&Ls slipped into the red. The RTC has liquidated or merged 14 thrifts and taken over 11. -- California, $20.3 billion, or 9%. Poor investments in real estate and junk bonds brought troubles to 42 of the state's 180 thrifts. Today, 31 have been merged or liquidated; the RTC controls nine. -- Arizona, $18 billion (8%). This state's thrifts also made heavy bets on real estate and lost when the Southwest economy crumbled. The RTC has liquidated or merged four Arizona S&Ls and is working on five more. -- New York, $11.3 billion, or 5%. Tipped into trouble by sluggish demand for office space, six of the state's 95 thrifts have been liquidated, merged or put in the hands of the RTC. A major drain: Empire of America. -- New Jersey and New Mexico are tied at $9 billion and 4% each. Dragged down by bad real estate deals, 14 S&Ls in New Jersey and nine in New Mexico have been liquidated, merged or seized by the RTC. On a per capita basis, New Mexico will get the most bailout money of any state -- $5,890 per resident.

BOX: WHO WILL GET THE BIG BAILOUT BUCKS

CALIFORNIA 9% ARIZONA 8% NEW MEXICO 4% TEXAS 24% FLORIDA 14% NEW JERSEY 4% NEW YORK 5%

Source: Veribanc. Percentages are share of savings and loan bailout money by state.