Sunday, January 03, 2010

Unofficial Problem Bank List Increases to 575

by Bill McBride on 1/03/2010 10:31:00 AM

The FDIC is on bank failure holiday until Jan 8th, but surferdude808 is still working!

This is an unofficial list of Problem Banks compiled only from public sources.

Changes and comments from surferdude808:

The Unofficial Problem Bank List increased this week by 30 institutions to 575 primarily because the FDIC released its actions for November 2009.

Aggregate assets increased by $7.6 billion. There were no removals this week from closure, action termination, or unassisted merger.

Among the additions are Torrey Pines Bank, San Diego, CA ($1.1 billion); United Bank & Trust Company, Versailles, KY ($761 million); Peninsula Bank, Englewood, FL ($646 million); Viking Bank, Seattle, WA ($632 million); and Northwest Georgia Bank, Ringgold, GA ($586 million).

Also, the FDIC issued a Cease & Desist Order against Legacy Bank, Scottsdale, AZ ($194 million), which is a subsidiary of Peotone Bancorp, Inc. Legacy Bank and its sister bank, Peotone Bank and Trust Company, which also is operating under a formal enforcement action, are controlled by an ownership group that had seven banks closed on July 2, 2009 that cost the FDIC $314 million.

In 1989, the FDIC received authority to assess affiliates for resolution costs under what is commonly referred to as cross-guaranty. The FDIC used cross guaranty to close still solvent banks controlled by FBOP Corp. on October 30, 2009. It is interesting that the FDIC has not applied cross guaranty to the remaining banking subsidiaries of Peotone Bancorp.
The list is compiled from regulator press releases or from public news sources (see Enforcement Action Type link for source). The FDIC data is released monthly with a delay, and the Fed and OTC data is more timely. The OCC data is a little lagged. Credit: surferdude808.

See description below table for Class and Cert (and a link to FDIC ID system).

For a full screen version of the table click here.

The table is wide - use scroll bars to see all information!

NOTE: Columns are sortable - click on column header (Assets, State, Bank Name, Date, etc.)



Class: from FDIC
The FDIC assigns classification codes indicating an institution's charter type (commercial bank, savings bank, or savings association), its chartering agent (state or federal government), its Federal Reserve membership status (member or nonmember), and its primary federal regulator (state-chartered institutions are subject to both federal and state supervision). These codes are:
  • N National chartered commercial bank supervised by the Office of the Comptroller of the Currency
  • SM State charter Fed member commercial bank supervised by the Federal Reserve
  • NM State charter Fed nonmember commercial bank supervised by the FDIC
  • SA State or federal charter savings association supervised by the Office of Thrift Supervision
  • SB State charter savings bank supervised by the FDIC
  • Cert: This is the certificate number assigned by the FDIC used to identify institutions and for the issuance of insurance certificates. Click on the number and the Institution Directory (ID) system "will provide the last demographic and financial data filed by the selected institution".

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