Saturday, December 29, 2012

Unofficial Problem Bank list declines to 838 Institutions

by Bill McBride on 12/29/2012 05:13:00 PM

This is an unofficial list of Problem Banks compiled only from public sources.

Here is the unofficial problem bank list for Dec 28, 2012.

Changes and comments from surferdude808:

The FDIC released its enforcement action activity for November 2012 this week. As a result, seven banks were removed and four banks were added. The changes leave the Unofficial Problem Bank List with 838 institutions with assets of $313.1 billion. A year ago, the list held 970 institutions with assets of $391.2 billion. For the month, the list count declined by 18 and assets fell $13.3 billion. The count decline of 18 matches the highest amount recorded back in April 2012.

The FDIC terminated actions against County Bank, Rehoboth Beach, DE ($341 million); Citizens State Bank - Midwest, Cavalier, ND ($109 million); Prime Alliance Bank, Woods Cross, UT ($104 million); Holbrook Co-operative Bank, Holbrook, MA ($94 million); and Security State Bank of Lewiston, Lewiston, MN ($66 million). The other removals were Hastings State Bank, Hastings, NE, ($136 million) and Hull Federal Savings Bank, Baltimore, MD ($25 million) as they found merger partners.

The following four banks joined the list -- Lake Area Bank, Lindstrom, MN ($276 million); The Peoples Bank, Chestertown, MD ($247 million); WestSide Bank, Hiram, GA ($134 million); and First State Bank of Miami, Texas, Miami, TX ($50 million). The FDIC issued a Prompt Corrective Action order against Covenant Bank, Chicago, IL ($60 million).

After the passage of the fourth quarter, it is time for a refresh of the transition matrix. As seen in the table, there have been a total of 1,606 institutions with assets of $808.9 billion that have appeared on the list. Removals have totaled 768 institutions or nearly 48 percent of the total. Failures continue to be the leading removal cause as 347 institutions with assets of $290.4 billion have failed since appearing on the list. Removals from unassisted mergers and voluntary liquidations total 129 institutions. While there has been an acceleration in action terminations in 2012, the pace has slowed down some during the fourth quarter. In all, actions have been terminated against 292 institutions with assets of $129.6 billion, with 40 terminations occurring in this quarter.
Unofficial Problem Bank List
Change Summary
 Number of InstitutionsAssets ($Thousands)
Start (8/7/2009) 389276,313,429
 Action Terminated97(27,057,010)
 Unassisted Merger26(4,191,282)
 Voluntary Liquidation2(4,855,164)
 Asset Change (15,385,341)
Still on List at 12/28/2012 11642,595,685
Additions 722270,521,747
End (12/28/2012) 838313,117,432
Intraperiod Deletions1   
 Action Terminated195102,513,931
 Unassisted Merger9449,619,506
 Voluntary Liquidation71,760,816
1Institution not on 8/7/2009 or 12/28/2012 list but appeared on a weekly list.

Summary for Week Ending Dec 28th
Schedule for Week of Dec 30th