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Saturday, July 09, 2011

Unofficial Problem Bank list increases to 1,004 Institutions

by Calculated Risk on 7/09/2011 02:43:00 PM

Note: this is an unofficial list of Problem Banks compiled only from public sources. This post includes an update to stress rates at the state level (see comments and sortable table at bottom).

Here is the unofficial problem bank list for July 8, 2011.

Changes and comments from surferdude808:

The FDIC decided to send Chairman Bair off with a small salute by closing three banks this Friday. The failures were in Colorado and Illinois, but given the 65 failures in the state of Georgia on Chair Bair’s watch, perhaps it may have been more fitting to have another failure in Georgia. This week there were four additions and three removals. The changes result in the Unofficial Problem Bank List having 1,004 institutions with assets of $418.8 billion.

The removals are the three failures this week including First Chicago Bank & Trust, Chicago, IL ($959 million); Colorado Capital Bank, Castle Rock, CO ($718 million); and Signature Bank, Windsor, CO ($67 million).

The additions include Greeneville Federal Bank, FSB, Greeneville, TN ($207 million); Worthington Federal Bank, Huntsville, AL ($177 million); Pacific Global Bank, Chicago, IL ($162 million); and Belt Valley Bank, Belt, MT ($65 million).

Other changes this week include Prompt Corrective Action Orders issued against Bank of the Commonwealth, Norfolk, VA ($1.0 billion Ticker: CWBS); and American Eagle Savings Bank, Boothwyn, PA ($21 million). Next week we anticipate for the OCC to release its actions through mid-June 2011.
And a related article from Dow Jones: US Bank Failures Abate In 1st Half But Likely To Stay Elevated
U.S. bank failures have slowed in 2011 from the flood of recent years, but a large reservoir of problem banks will keep the failure rate relatively high as regulators slog through the backlog.
Yes, quite a backlog!

Summary for Week Ending July 8th

Employment posts yesterday:
June Employment Report: 18,000 Jobs, 9.2% Unemployment Rate
Employment Summary, Part Time Workers, and Unemployed over 26 Weeks
Return of the Teen! and Unemployment by Duration and Education
Employment graph gallery