Saturday, May 29, 2010

Unofficial Problem Bank List increases to 762 Institutions

by Bill McBride on 5/29/2010 03:52:00 PM

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

Here is the unofficial problem bank list for May 28, 2010.

Changes and comments from surferdude808:

The Unofficial Problem Bank List underwent major changes this week from closings and with the FDIC releasing its enforcement actions for April 2010. The list includes 762 institutions with aggregate assets of $369.2 billion, up from 737 institutions and assets of $363.5 billion last week.

There were 31 additions this week. Notable additions include Citizens Bank & Trust Company, Chillicothe, MO ($1.1 billion); Park Cities Bank, Dallas, TX ($1.0 billion); and Magyar Bank, New Brunswick, NJ ($550 million Ticker: MGYR).

Removals include the five failures this week -- Bank of Florida - Southeast, Bank of Florida - Southwest, Bank of Florida - Tampa Bay, Granite Community Bank, NA, and Sun West Bank; and action termination against Indiana Community Bank. Other changes for banks already on the list include Prompt Corrective Action orders issued against two Seattle-based institutions -- First Sound Bank and Washington First International Bank.
CR note: The FDIC reported there were 775 institutions with assets of $431 billion on the official problem bank list at the end of Q1. There are some timing issues, but the overall number of institutions on the unofficial list is very close to the official list. However the assets on the unofficial list are far short of the assets on the official list. This suggests the possibility that a large regional bank may be on the official problem bank list.