by Bill McBride on 1/12/2013 04:11:00 PM
Saturday, January 12, 2013
The first bank failure of 2013:
Westside eclipsed by Sunwest
Sun burning savers
by Soylent Green is People
From the FDIC: Sunwest Bank, Irvine, California, Assumes All of the Deposits of Westside Community Bank, University Place, Washington
As of September 30, 2012, Westside Community Bank had approximately $97.7 million in total assets and $96.5 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20.3 million. ... Westside Community Bank is the first FDIC-insured institution to fail in the nation this year, and the first in Washington.And the unofficial list of Problem Banks compiled only from public sources.
Here is the unofficial problem bank list for Jan 11, 2012.
Changes and comments from surferdude808:
The FDIC cranked up a closing team to get the first full week in 2013 underway, otherwise it would have been a quiet week for the Unofficial Problem Bank List. Along with the failure, there was one action termination, which leaves the list count at 832 institutions with assets of $310.7 billion. A year ago, the list held 969 institutions with assets of $391.2 billion.Earlier:
The action termination was Southern First Bank, National Association, Greenville, SC ($779 million Ticker: SFST). The failure was Westside Community Bank, University Place, WA ($98 million), which was the 18th bank to close in Washington since the on-set of the crisis. Next week, we anticipate the OCC will release its actions through mid-December 2012.
• Schedule for Week of Jan 13th
• Summary for Week Ending Jan 11th
Posted by Bill McBride on 1/12/2013 04:11:00 PM