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Saturday, July 16, 2011

Unofficial Problem Bank list declines to 995 Institutions

by Calculated Risk on 7/16/2011 08:27:00 AM

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

There is the unofficial problem bank list for July 15, 2011.

Changes and comments from surferdude808:

It was an active week for the Unofficial Problem Bank List with 11 removals and two additions. The net result of the changes leave the list at 995 institutions with assets of $416.2 billion, down from 1,004 institutions and assets of $418.8 billion last week.

Among the removals are five cures, four failures, and two unassisted mergers. Actions were terminated against Intercredit Bank, National Association, Miami, FL ($258 million); Heritage Bank National Association, Spicer, MN ($170 million); The American National Bank of Beaver Dam, Beaver Dam, WI ($110 million); Gibraltar Bank, Oak Ridge, NJ ($95 million); and The First National Bank of Cold Spring, Cold Spring, MN ($74 million). The four failures are First Peoples Bank, Port Saint Lucie ($228 million Ticker: FPBI); High Trust Bank, Stockbridge, GA ($193 million); One Georgia Bank, Atlanta, GA ($186 million); and Summit Bank, Prescott, AZ ($72 million). The removals from unassisted merger are Cascade Bank, Everett, WA ($1.5 billion); and Bank of Greensburg, Greensburg, LA ($92 million). Long time readers may remember the less than forthright conversations we had with Cascade Bank about it becoming subject to an enforcement action. Still we are happy to see them migrate off the list without failing.

The two additions this week are Mission National Bank, San Francisco, CA ($1984 million Ticker: MNBO); and Traders National Bank, Tullahoma, TN ($156 million).

This message was posted on the OTS enforcement web page "On July 21, 2011, the Office of Thrift Supervision will become part of the Office of the Comptroller of the Currency. Check back on July 21 for more information." We anticipate for the OTS website to be taken down and their practice of timely disclosures of enforcement actions to stop. Actions against thrifts will likely be disclosed on a monthly basis in the same manner the OCC uses for national banks.