Saturday, January 21, 2012

Unofficial Problem Bank list declines to 963 Institutions

by Calculated Risk on 1/21/2012 05:24:00 PM

This is an unofficial list of Problem Banks compiled only from public sources.

Here is the unofficial problem bank list for Jan 20, 2012. (table is sortable by assets, state, etc.)

Changes and comments from surferdude808:

With the FDIC back to closings and the OCC releasing its enforcement actions through mid-December 2011, the Unofficial Problem Bank List underwent several changes during the week. In all, there were seven removals and one addition, which leaves the list standing at 963 institutions with assets of $389.2 billion. A year ago, the list held 937 institutions with assets of $409.4 billion.

Five of the seven removals were rehabilitations as the OCC terminated actions against Central National Bank, Junction City, KS ($834 million); Citizens National Bank of Paintsville, Paintsville, KY ($563 million); National Bank of Commerce, Superior, WI ($534 million); The First National Bank of Wynne, Wynne, AR ($255 million); and The First National Bank of Ipswich, Ipswich, MA ($276 million), which had been under an action since 2006.

There were three failures this week, but only two were on the Unofficial Problem Bank List -- Central Florida State Bank, Belleview, FL ($79 million Ticker: CEFB); and American Eagle Savings Bank, Boothwyn, PA ($20 million). The other failure, The First State Bank, Stockbridge, GA ($537 million), was not on the list. It seems unusual for a bank to fail these days without being under a formal action. After some research, the bank in a 10-Q filing on August 13, 2010 disclosed the entering of a Consent Order with the FDIC on May 7, 2010. What is odd is this action does not seem to appear in an FDIC monthly press release or on its website (http://www.fdic.gov/bank/individual/enforcement/begsrch.html). Should anyone have luck finding this action at the FDIC let us know, otherwise it appears they were on double secret probation. First State Bank was costly as the FDIC estimates it will cost around 40 percent of the failed bank's assets.

Added this week was Naugatuck Valley Savings and Loan, Naugatuck, CT ($582 million Ticker: NVSL). Other changes include the OCC issuing Prompt Corrective Action Orders against Home Savings of America, Little Falls, MN ($440 million); and Charter National Bank and Trust, Hoffman Estates, IL ($98 million). Next week, we anticipate the FDIC to release its actions through December 2011.
Earlier:
Summary for Week ending January 20th
Schedule for Week of Jan 22nd