by Bill McBride on 7/22/2012 08:03:00 AM
Sunday, July 22, 2012
This is an unofficial list of Problem Banks compiled only from public sources.
Here is the unofficial problem bank list for July 20, 2012. (table is sortable by assets, state, etc.)
Changes and comments from surferdude808:
Closings and enforcement activities by the FDIC and OCC led to many changes to the Unofficial Problem Bank List. This week just about every type of change occurred except for the issuance/termination of a Prompt Corrective Action order. In all there were nine additions and 16 removals that included four failures, one voluntary liquidation, two unassisted mergers, and nine action terminations. These changes leave the list with 905 institutions with assets of $349.7 billion. A year ago, the list held 993 institutions with assets of $415.7 billion.Earlier:
The nine additions were First Federal Savings Bank, Ottawa, IL ($408 million); Newton Federal Bank, Covington, GA ($239 million); Borrego Springs Bank, National Association, La Mesa, CA ($141 million); Clay County Savings Bank, Liberty, MO ($102 million Ticker: CCFC); Pickens Savings and Loan Association, FA, Pickens, SC ($101 million); Central Federal Savings and Loan Association of Chicago, Chicago, IL ($97 million); The First National Bank of Wellston, Wellston, OH ($95 million Ticker: MDWE); Commonwealth National Bank, Mobile, AL ($68 million); and Summit National Bank, Hulett, WY ($67 million).
The nine action terminations were Meridian Bank, National Association, Wickenburg, AZ ($886 million); Great Lakes Bank, National Association, Blue Island, Il ($626 million); First Trade Union Bank, Boston, MA ($588 million); Metro United Bank, San Diego, CA ($396 million Ticker: MCBI); Premier Bank, Dubuque, IA ($260 million); Canon National Bank, Canon City, CO ($228 million); First National Bank of Wyoming, Laramie, WY ($172 million); Heritage Bank, National Association, Phoenix, AZ ($102 million); and The Federal Savings Bank, Overland Park, KS ($75 million Ticker: KCLI).
Union Bank, Kansas City, MO ($456 million) voluntarily surrender its charter. Unassisted mergers were done by First National Bank of the Mid-Cities, Bedford, TX ($35 million) and The First State Bank of Burlingame, Burlingame, KS ($25 million).
The four failures were First Cherokee State Bank, Woodstock, GA ($223 million); Second Federal Savings and Loan Association of Chicago, Chicago, IL ($199 million); Heartland Bank, Leawood, KS ($110 million); and The Royal Palm Bank of Florida, Naples, FL ($87 million). Heartland Bank and Royal Palm Bank were affiliates and commonly owned by Mercantile Bancorp, Inc., Quincy Il. Mercantile Bancorp also owns Mercantile Bank, Quincy, Il ($510 million), which is on the Unofficial Problem Bank List that was not closed. The FDIC failed bank press releases did not indicate if any of the affiliates were closed under cross guaranty authority or why Mercantile Bank was allowed to remain open. The other failure Friday night was Georgia Trust Bank, Buford, GA, which appears to have failed not being subject to a timely issued enforcement action. Hard to believe at this stage of the crisis, especially in Georgia where 82 banks have failed, for a bank to fail without a corrective plan in place.
There were three name changes that were made this week -- First Midwest Bank, Centerville, SD; is now known as One American Bank; Community Business Bank, Sauk City, WI; is now known as Wisconsin River Bank; and Madison National Bank, Merrick, NY, is now known as First National Bank of New York.
Next week we anticipate the FDIC will release its actions through June 2012.
• Summary for Week Ending July 20th
• Schedule for Week of July 22nd
Posted by Bill McBride on 7/22/2012 08:03:00 AM