Saturday, October 16, 2010

Unofficial Problem Bank List at 875 Institutions

by Bill McBride on 10/16/2010 09:09:00 AM

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

Here is the unofficial problem bank list for Oct 15, 2010.

Changes and comments from surferdude808:

The Unofficial Problem Bank List shrank this week in both the number of institutions and assets. There were eight removals and six additions leaving the list at 875 institutions, down from 877 last week.

The removal of mid-size regional contributed to the decline in aggregate assets to $401.6 billion from $417.3 billion.

The removals include two of the three failed banks -- Security Savings Bank, F.S.B. ($508 million) and Westbridge Bank and Trust ($91 million). Interestingly, the other failure this week -- Premier Bank ($1.2 billion) was not subject to a published enforcement action.

Eastern National Bank ($446 million) had its action terminated. Carolina First Bank ($11.6 billion) merged into TD Bank, N.A. at the end of September. Three subsidiaries of Lauritzen Corporation (Ticker FINN) -- First National Bank, Fort Collins, CO ($1.9 billion); Castle Bank, National Association, Dekalb, IL ($1.1 billion); and First National Bank of Kansas, Overland, KS ($745 million) merged into their affiliate First National Bank of Omaha, which leaves one affiliate, First National Bank South Dakota, still on the list. We anticipate other multi-bank holding companies such as Premier Financial Bancorp (Ticker: PFBI) to merge its weak subsidiaries into a stronger affiliate. The other removal was an unassisted merger of First Bank, Farmersville, TX ($95 million) into Independent Bank, McKinney, TX.

As anticipated last week, the OCC released its enforcement actions for late August/early September. Six national banks were added this week include First Texoma National Bank, Durant, TX ($215 million); The First National Bank of Eagle River, Eagle Rover, WI ($158 million); North Georgia National Bank, Calhoun, GA ($142 million); The Camden National Bank, Camden, AL ($119 million); First National Bank, Groesbeck, TX ($50 million); and Nevada National Bank, Las Vegas, NV ($39 million).

Other modifications this week include a Prompt Corrective Action order issued by the OTS against Appalachian Community Bank ($90 million), and a name change and charter flip for Bay Cities National Bank ($273 million) to Opus Bank and state non-member status.