Friday, November 12, 2010

Unofficial Problem Bank list increases to 898 Institutions

by Bill McBride on 11/12/2010 11:59:00 PM

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

Here is the unofficial problem bank list for Nov 12, 2010.

Changes and comments from surferdude808:

Despite failures, the Unofficial Problem Bank List continued its rise to the 900 level. This week the list count finished at 898 after six additions and two removals. Assets total $418.5 billion, up from $416.5 billion last week.

After three down trending weeks in October, some readers wondered if the list had peaked. After this pause, the Unofficial Problem Bank List has added a net 27 institutions and $16.4 billion of assets since October 22nd.

Removals are two of this week’s failures -- Darby Bank & Trust Co., Vidalia, GA ($690 million) and Copper Star Bank, Scottsdale, AZ ($204 million).

Additions include Atlantic Coast Bank, Waycross, GA ($901 million Ticker: ACFC); The Leaders Bank, Oak Brook, IL ($659 million); NewDominion Bank, Charlotte, NC ($535 million); Middlesex Federal Savings, F.A., Somerville, MA ($389 million); Community Bank of Oak Park River Forest, Oak Park, IL ($364 million); and First Federal Savings and Loan Association of Pekin, Pekin, IL ($28 million).

We applaud the Illinois State Banking Department for the timely disclosure of its enforcement actions. Next week, we anticipate the OCC will release its actions for October, which will likely push the list count over 900.

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