Saturday, February 28, 2015

February 2015: Unofficial Problem Bank list declines to 357 Institutions

by Calculated Risk on 2/28/2015 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 February, 2015.

Changes and comments from surferdude808:

Very busy week for the Unofficial Problem Bank List as the FDIC closed a bank and provided an update on its enforcement actions through January 2015. There were 21 removals this week pushing the list count down to 357 institutions with assets of $109.2 billion. A year ago, the list held 566 institutions with assets of $182 billion. During January 2015, the unofficial list declined by 31 institutions after 25 action terminations, four mergers, and two failures. In addition, assets fell by $13.3 billion during the month, which is the largest monthly decline since $18.1 billion in January 2014.

As widely expected, the FDIC closed Doral Bank, San Juan, PR ($5.9 billion Ticker: DRL) today. Doral Bank was the third largest bank on the Unofficial Problem Bank List. Since the on-set of the Great Recession, Doral Bank is the 14th largest bank failure and the 2nd largest failure in Puerto Rico behind the $10.8 billion Westernbank Puerto Rico that failed in 2010.

Finding their way off the list through unassisted mergers were Valley Community Bank, Pleasanton, CA ($130 million Ticker: VCBC); The Bank of Perry, Perry, GA ($116 million); The Peoples Bank, Covington, GA ($96 million); and Winfield Community Bank, Winfield, IL ($55 million).

Actions were terminated against Hancock Bank & Trust Company, Hawesville, KY ($275 million); Frontenac Bank, Earth City, MO ($271 million); CornerstoneBank , Atlanta, GA ($248 million); Florida Citizens Bank, Gainesville, FL ($231 million); The Bank of Versailles, Versailles, MO, ($226 million); Balboa Thrift and Loan Association, Chula Vista, CA ($206 million); The First National Bank of Mount Dora, Mount Dora, FL ($205 million); Colombo Bank, Rockville, MD ($201 million); Uniti Bank, Buena Park, CA ($190 million); Wisconsin River Bank, Sauk City, WI ($97 million); One American Bank, Centerville, SD ($81 million); State Bank of Delano, Delano, MN ($79 million); Currie State Bank, Currie, MN ($67 million); Systematic Savings Bank, Springfield, MO ($36 million); Kentucky Federal Savings and Loan Association, Covington, KY ($36 million); and First National Bank in Pawhuska, Pawhuska, OK ($29 million).

The FDIC provided an update on the Official Problem Bank List figures this week. They currently list 291 institutions with assets of $87 billion. Since the FDIC's last release, the number of institutions on the Official Problem Bank List fell by 38 or 11.6 percent. In contrast, the unofficial list fell by 51 institutions or 12.5 percent over the same period.

Given the slowdown in new additions to the list, we will start publishing updates at month-end going forward.