by Bill McBride on 7/14/2012 05:05:00 PM
Saturday, July 14, 2012
This is an unofficial list of Problem Banks compiled only from public sources.
Here is the unofficial problem bank list for July 13, 2012. (table is sortable by assets, state, etc.)
Changes and comments from surferdude808:
We will have to wait until next week for the OCC to release its enforcement actions through mid-June 2012. As such, it was a quiet week for the Unofficial Problem Bank List with two removals and one addition. The changes leave the list with 912 institutions with assets of $352.9 billion. A year ago, the list held 995 institutions with assets of $416.2 billion.Earlier:
The addition is The Bank of Southern Connecticut, New Haven, CT ($134 million Ticker: SSE). The removals include an action termination against Tower Bank & Trust Company, Fort Wayne, IN ($651 million Ticker: TOFC) and the failed Glasgow Savings Bank, Glasgow, MO ($25 million).
The FDIC estimated the failure cost of Glasgow Savings Bank at $100 thousand or 0.4 percent of its assets. That is the lowest cost failure in this crisis without the winning bidder paying a deposit premium or receiving a loss share agreement. With such a small cost, it is surprising the bank could not recapitalize itself or shrink to increase its capital ratios.
Authorities are still searching for Aubrey Lee Price, the director that embezzled at least $17 million from Montgomery Bank & Trust, which failed last week. The FBI has placed Price on the Most Wanted List and offered a $20 thousand reward for information that leads to his arrest. Stories are starting to surface about the investors he bilked including this woman that lost her life savings. This should serve as a lesson to never place all of your savings with one institution or financial advisor.
Missing banker accused of fraud in Sarasota
Investor: Missing bank director Aubrey Lee Price stole my life savings
• Summary for Week Ending July 13th
• Schedule for Week of July 15th
Posted by Bill McBride on 7/14/2012 05:05:00 PM