Friday, September 03, 2010

Unofficial Problem Bank List increases to 844 institutions

by Bill McBride on 9/03/2010 10:56:00 PM

Note: this is an unofficial list of Problem Banks compiled only from public sources.

Here is the unofficial problem bank list for September 3, 2010.

Changes and comments from surferdude808:

It was a comparatively quiet week for the Unofficial Problem Bank List as there were only four additions and no removals with the FDIC taking the long holiday weekend off from closures.

The additions include First National Bank of Chester County, Chester, PA ($1.2 billion Ticker: FCEC); Lafayette Savings Bank, FSB, Lafayette, IN ($379 million Ticker: LSBI); Oregon Community Bank & Trust, Oregon, WI ($195 million); and Hull Federal Savings Bank, Baltimore, MD ($27 million). Other changes include Prompt Corrective Action Orders issued by the Federal Reserve against First Community Bank ($2.6 billion Ticker: FSNM) and Sunrise Bank ($134 million) and OTS against AnchorBank, fsb ($4.0 billion Ticker: ABCW).

The Unofficial Problem Bank List includes 844 institutions with aggregate assets of $412 billion. This week the FDIC released its official count of problem institutions at 829 with assets of $403 billion as of June 30th.
Problem Banks Click on graph for larger image in new window.

This graph shows the number of banks on the unofficial list. The number of institutions has more than doubled since we started the list in early August 2009 - even with all the bank failures (failures are removed from the list). The number of assets is up 50 percent over the last year.

On August 7, 2009, we listed 389 institutions with $276 billion in assets, and now the list has 844 institutions and $412 billion in assets.

The red dots are the number of banks on the official problem bank list as announced in the FDIC quarterly banking profile for Q2 2009 through Q2 2010. The dots are lagged one month because of the delay in announcing formal actions.

The unofficial count is close to the official count (the difference is mostly timing issues), and the FDIC will probably have close to 1,000 banks on the list by the end of the year.