Saturday, March 19, 2011

Unofficial Problem Bank list increases to 982 Institutions

by Bill McBride on 3/19/2011 08:15:00 AM

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

Here is the unofficial problem bank list for Mar 18, 2011.

Changes and comments from surferdude808:

The Unofficial Problem Bank List surged to its highest ever institution count and asset level this week. Contributing factors were the release of actions through mid-February 2011 by the OCC and a deeper dive into the databases of the regulatory agencies. The scrubbing of databases found 12 institutions not previously identified. In all, there were 21 additions and three removals this week, which leaves the Unofficial Problem Bank List at 982 institutions with assets of $430.4 billion, up from 964 institutions with assets of $420.7 billion last week. The previous asset high was $422.4 billion at September 24, 2010.

The three removals were action terminations against Community National Bank, Waterloo, IA ($207 million); Lakewood Bank, National Association, Baxter, MN ($142 million); and Delanco Federal Savings Bank, Delanco, NJ ($136 million Ticker: DLNO).

The 21 new additions brought $10.1 billion of assets to the list. Notable additions include First National Bank, Edinburg, TX ($3.8 billion); Reliance Bank, Des Peres, MO ($1.2 billion Ticker: RLBS); The National Bank, Moline, IL ($1.2 billion); Community South Bank, Parsons, TN ($675 million); Home State Bank, National Association, Crystal Lake, Il ($666 million); South County Bank, National Association, Rancho Santa Margarita, CA ($179 million Ticker: CALW); SouthFirst Bank, Sylacauga, AL ($131 million Ticker: SZBI); and First Carolina State Bank, Rocky Mount, NC ($103 million Ticker: CBCR).

Next week, we anticipate the FDIC will release its actions for February 2011. Given the low cure rate and the slowdown in closing institutions by the FDIC, there is an outside chance for the Unofficial Problem Bank List to reach the 1,000 threshold next week. If not by next week, then the list should be at the 1,000 level by the end of April 2011.
The list keeps growing and growing ...