Saturday, April 30, 2011

Unofficial Problem Bank list increases to 984 Institutions

by Bill McBride on 4/30/2011 08:03:00 AM

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

Here is the unofficial problem bank list for Apr 29, 2011.

Changes and comments from surferdude808:

The FDIC got back to closing banks this and released its enforcement actions for March 2011, which contributed to many changes to the Unofficial Problem Bank List. In total, there were six removals and 14 additions this week. After these changes, the list includes 984 institutions with assets of $422.1 billion, compared to 976 institutions with assets of $422.2 billion last week.

Among the removals are two action terminations AmericanWest Bank, Spokane, WA ($1.6 billion Ticker: AWBCQ); and Bank of Franklin, Meadville, MS ($95 million). Of the five failures this week, only four were on the list -- The Park Avenue Bank, Valdosta, GA ($953 million Ticker: PABK); Community Central Bank, Mount Clemens, MI ($476 million Ticker: CCBD); First National Bank of Central Florida, Winter Park, FL ($352 million); and Cortez Community Bank, Brooksville, FL ($72 million Ticker: COTZ).

Most notable among the 14 additions are Artisans' Bank, Wilmington, DE ($643 million); Arthur State Bank, Union, SC ($636 million); The Business Bank, Appleton, WI ($357 million); The Pueblo Bank and Trust Company, Pueblo, CO ($333 million); and Ojai Community Bank, Ojai, CA ($124 million Ticker: OJCB).

A number of Prompt Corrective Action orders were released this week to Bank of Choice, Greeley, CO ($1.2 billion); Oxford Bank, Oxford, MI ($285 million); Summit Bank, Burlington, WA ($147 million); Coastal Bank, Cocoa Beach, FL ($133 million); Bank of Shorewood, Shorewood, IL ($125 million); and Signature Bank, Windsor, CO ($73 million). The FDIC terminated the PCA order against Prosper Bank, Prosper, TX ($69 million).

Comparing names and locations of institutions on the Unofficial Problem Bank List with the FDIC's structure database resulted in 15 name changes and 16 city changes. In these instances, the FDIC certificate number is unchanged. However, should anyone not be able to locate an institution from a previous week's list drop us a note and we will get back to you on where that institutions has gone.

There may be some good news when looking at the monthly numbers. The list declined by one institution at the end of April 2011 to 984 from 985 at the end of March 2011. This is the smallest monthly change since the list was first published in August 2009 with the next smallest being an increase of two institutions in December 2009. For the month, there were 27 additions and 28 removals including 11 failures, 10 unassisted mergers, and 7 action terminations. For the past 21 months, on average, there have been about 46 additions, 12 failures, 3 unassisted mergers, and 4 action terminations. During April 2010, the slowdown in additions and the increase in unassisted mergers (namely multi-bank holding company subsidiary combinations) contributed to the net decline.