Saturday, March 12, 2011

Unofficial Problem Bank list increases to 964 Institutions

by Bill McBride on 3/12/2011 08:36:00 AM

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

Here is the unofficial problem bank list for Mar 11, 2011.

Changes and comments from surferdude808:

The week included failures and new additions to the Unofficial Problem Bank List. In all, there were two removals and four additions.

The List has 964 institutions with assets of $420.7 billion, which represents the second highest asset level since the List has been published. So far, the peak in assets occurred on September 24, 2010 at $422.4 billion.

The removals only include one of the failures this week -- Legacy Bank, Milwaukee, WI ($190 million); and an action termination -- Eastern Federal Bank, Norwich, CT ($166 million).

The additions were First American Bank, Fort Dodge, IA ($1.5 billion); Florida Bank, Tampa, FL ($840 million); Greer State Bank, Greer, SC ($456 million Ticker: GRBS); and Frontier Bank, FSB, Palm Desert, CA ($313 million). Next week, we anticipate the OCC will release its actions through mid-February 2011, so the List will likely continue its climb to 1,000 institutions.