Saturday, February 01, 2014

Unofficial Problem Bank list declines to 590 Institutions

by Calculated Risk on 2/01/2014 08:11:00 AM

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

Here is the unofficial problem bank list for January 31, 2014.

Changes and comments from surferdude808:

The FDIC released its enforcement action activity through year-end 2013, which contributed to many changes to the Unofficial Problem Bank List. For the week, there were 10 removals and one addition that leave the list at 590 institutions with assets of $195.4 billion. A year ago, the list held 822 institutions with assets of $308 billion. During the month, the list declined by a net of 29 institutions and assets dropped by $18.1 billion. This was the largest net monthly decline in the number of institutions and assets since the list was first published. While the 19 action terminations during the month were above average, there are well below the monthly high of 25 terminations during April 2012. Thus, mergers, failures, and voluntary liquidations contributed to the 31 removals during the month.

Syringa Bank, Boise, ID ($34 million Ticker: SGBP) failed this week making it the second failure in Idaho since the on-set of the Great Recession. This is third consecutive week for a failure, which has not occurred since late October/early November 2012. Midwest Federal Savings and Loan Association of St Joseph, Saint Joseph, MO ($33 million Ticker: SJBA) found a merger partner to exit the list.

Actions were terminated against Falcon International Bank, Laredo, TX ($817 million); Community West Bank, National Association, Goleta, CA ($532 million); BankCherokee, Saint Paul, MN ($262 million); Sanibel Captiva Community Bank, Sanibel, FL ($228 million); Columbia Bank, Lake City, FL ($190 million); Peoples Bank, Clifton, TN ($135 million); Sunrise Bank, Cocoa Beach, FL ($107 million); Woodland Bank, Deer River, MN ($66 million); and Farmers State Bank of Sublette, Sublette, IL ($43 million).

The sole addition this week is Vantage Point Bank, Horsham, PA ($75 million).

Over the next two weeks, we expect for there to be only a few changes to the list as the OCC will likely not release an update until February 21st. By the end of the month, the FDIC should release fourth quarter industry results and provide an update to the official figures.

Enjoy the Super Bowl or at least the advertisements should your favorite fail to win.