by Bill McBride on 8/02/2013 08:53:00 PM
Friday, August 02, 2013
This is an unofficial list of Problem Banks compiled only from public sources.
Here is the unofficial problem bank list for August 2, 2013.
Changes and comments from surferdude808:
After a 56 day hiatus, the FDIC got back to closing a bank. The closing and some action terminations and an addition led to several changes this week to the Unofficial Problem Bank List. In all, there were four removals and one addition that leave the list with 726 institutions with assets of $259.1 billion. Last year, the list held 899 institutions with assets of $349.4 billion.CR Note: The first unofficial problem bank list was published in August 2009 with 389 institutions. The number of unofficial problem banks grew steadily and peaked at 1,002 institutions on June 10, 2011. The list has been declining since then.
The FDIC closed First Community Bank of Southwest Florida, Fort Myers, FL ($265 million) this Friday. This is the 62nd bank to fail in Florida since 2008, which only trails the 87 banks that have failed in Georgia. Combined, the failures in the two states have cost an estimated $24.4 billion to resolve. Failure costs within the seven states of the FDIC's Atlanta Region have risen to a staggering $31.8 billion.
Actions were terminated against EVB, Tappahannock, VA ($1.1 billion Ticker: EVBS); The Coastal Bank, Savannah, GA ($443 million); and Pacific Commerce Bank, Los Angeles, CA ($160 million Ticker: PFCI).
The Federal Reserve issued a Written Agreement against Port Byron State Bank, Port Byron, IL ($88 million). This is the first safety & soundness enforcement actions issued by the Federal Reserve since April 25, 2013.
There is nothing new to report on the remaining banks controlled by Capitol Bancorp, Ltd. Next week will likely be a light week in terms of changes.
Earlier on the employment report:
• July Employment Report: 162,000 Jobs, 7.4% Unemployment Rate
• Employment Report: Steady, but Slow Improvement
• Graphs: Duration of Unemployment, Unemployment by Education, Construction Employment and Diffusion Indexes
Posted by Bill McBride on 8/02/2013 08:53:00 PM