by Bill McBride on 10/31/2015 08:11:00 AM
Saturday, October 31, 2015
This is an unofficial list of Problem Banks compiled only from public sources.
Here is the unofficial problem bank list for October 2015.
Changes and comments from surferdude808:
Update on the Unofficial Problem Bank List for October 2015. During the month, the list fell from 276 institutions to 264 after 12 removals. Assets dropped by $2.8 billion to an aggregate $79.2 billion. A year ago, the list held 422 institutions with assets of $133.5 billion.
Actions have been terminated against Severn Savings Bank, FSB, Annapolis, MD ($779 million Ticker: SVBI); Artisans' Bank, Wilmington, DE ($472 million); Valley Bank & Trust, Brighton, CO ($295 million); The Citizens Bank of Logan, Logan, OH ($191 million); United International Bank, Flushing, NY ($184 million); First National Bank, Goodland, KS ($181 million); Goldwater Bank, N.A., Scottsdale, AZ ($103 million); Tri-Valley Bank, San Ramon, CA ($103 million Ticker: TRVB); PNA Bank, Chicago, IL ($96 million); and Park State Bank & Trust, Woodland Park, CO ($91 million).
Two banks failed during the month -- The Bank of Georgia, Peachtree City, GA ($294 million) and Hometown National Bank, Longview, WA ($5 million). Astonishingly, there was a bank failure in Georgia as we thought there were not any banks left to fail in the state. Since the on-set of the Great Recession, 90 banks headquartered in Georgia have failed. Nearly 26 percent of the 352 banks headquartered in Georgia at year-end 2007 have failed. These failures have cost the FDIC insurance fund about $11.7 billion, with the average cost approximating an exorbitant 34 percent of failed bank assets. It does not take rocket science to understand this is what happens when unfettered construction & development lending collides with a housing downturn.
Posted by Bill McBride on 10/31/2015 08:11:00 AM