Saturday, October 23, 2010

Unofficial Problem Bank List at 871 Institutions

by Bill McBride on 10/23/2010 08:39:00 AM

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

Here is the unofficial problem bank list for Oct 22, 2010.

Changes and comments from surferdude808:

Failures contributed to the Unofficial Problem Bank List changes this week. There were eight removals, with seven because of failure, and four additions, which leaves the list at 871 institutions with assets of $402.2 billion.

Among the removals was the unassisted merger of Citizens National Bank of Springfield ($254 million) into cross-town Empire Bank, Springfield, MO. The failures included Hillcrest Bank ($1.6 billion); First Arizona Savings, a FSB ($272 million); First Suburban National Bank ($149 million); The First National Bank of Barnesville ($136 million); Progress Bank of Florida ($111 million); First Bank of Jacksonville ($81 million); and The Gordon Bank ($29 million).

The First National Bank of Barnesville opened its doors in 1902; thus, it survived the Great Depression but it was not able to weather the Great Recession.

The FDIC could not find a buyer for First Arizona Savings so they will mail insured depositors a check; however, its cost estimate of only 12 percent of assets is the lowest of the night and one-third lower than the next cheapest deposit payoff in this cycle, which was Arcola Homestead Savings Bank at 18.8 percent in June 2010.

The four additions are Gibraltar Private Bank & Trust Co., Coral Gables, FL ($1.6 billion); Wilber National Bank, Oneonta, NY ($929 million Ticker: GIW); Highlands Union Bank, Abingdon, VA ($649 million Ticker: HBKA); and Bank of Maumee, Maumee, OH ($45 million). Gibraltar had purchased about $1.5 billion of assets from Boston Private Bank & Trust Company (Ticker: BPFH) in 2009.

Next week there should be many changes as we expect the FDIC to release its actions for September 2010.