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Saturday, April 16, 2011

Unofficial Problem Bank list at 978 Institutions

by Calculated Risk on 4/16/2011 08:29:00 AM

Note: this is an unofficial list of Problem Banks compiled only from public sources.

Here is the unofficial problem bank list for Apr 15, 2011.

Changes and comments from surferdude808:

The FDIC remembered how to close banks by shuttering six this Friday and the OCC released its enforcement actions through mid-March 2011, which contributed to many changes to the Unofficial Problem Bank List.

In all, there were 13 removals and nine additions that leave the Unofficial Problem Bank List with 978 institutions and assets of $429.4 billion this week, compared to 982 institutions and assets of $433.2 billion last week.

Only five of the six failures were on the list and it is interesting how three years into the current crisis institutions are failing wherein a formal enforcement action may not be found in the public domain. The removals because of failure include Superior Bank, Birmingham, AL ($3.0 billion Ticker: SUPR); Nexity Bank, Birmingham, AL ($794 million Ticker: NXTYQ); Bartow County Bank, Cartersville, GA ($330 million); Heritage Banking Group, Carthage, MS ($226 million); and Rosemount National Bank, Rosemount, MN ($38 million). The two failures in Georgia push total failures in that state to 59, which have an estimated resolution cost of $8.3 billion. Perhaps if the FDIC Atlanta Region was more diligent in its supervision of the out-sized construction lending exposures during the boom the number and cost of these failures in Georgia could have been lower.

The other eight removals resulted from action terminations or unassisted mergers. Actions were terminated against First National Bank of Platteville, Platteville, WI ($127 million); and Congaree State Bank, West Columbia, SC ($121 million). The following were removed because of unassisted mergers: Maryland Bank and Trust Company, National Association, Lexington Park, MD ($348 million); and First National Bankers Bank, Alabama, Homewood, AL ($224 million). Premier Financial Bancorp, Inc. merged two of its subsidiaries on the list, Adams National Bank, Washington, DC. ($284 million) and Consolidated Bank and Trust Company, Richmond, VA, (77 million) into the newly named Premier Bank, Inc. Also, the multi-bank holding company Metropolitan Bank Group, Inc., which has seven subsidiaries on the list, merged two subsidiaries -- The First Commercial Bank, Chicago, IL ($269 million) and Edens Bank, Wilmette, IL ($249 million) – into North Community Bank, Chicago, IL ($499 million).

Among the nine new additions are Suburban Bank & Trust Company, Elmhurst, IL ($623 million); The Kishacoquillas Valley National Bank of Belleville, Belleville, PA ($554 million Ticker: KISB); The First National Bank of Polk County, Cedartown, GA ($163 million Ticker: SCSG); and Chino Commercial Bank, N.A., Chino, CA ($114 million Ticker: CCBC). The other notable change this week is a Prompt Corrective Action order issued by the Federal Reserve against First Chicago Bank & Trust, Chicago, IL ($1.0 billion).