by Calculated Risk on 1/14/2011 05:23:00 PM

Earlier:
• Retail Sales increased 0.6% in December
• Industrial Production, Capacity Utilization increased in December
• Consumer Sentiment declines in January
• Core measures of inflation increase in December

Akin appendix
Surgeons remove rotted flesh
Oglethorpe excised
by Soylent Green is People
From the FDIC: Bank of the Ozarks, Little Rock, Arkansas, Assumes All of the Deposits of Oglethorpe Bank, Brunswick, Georgia

As of September 30, 2010, Oglethorpe Bank had approximately $230.6 million in total assets and $212.7 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $80.4 million. ... Oglethorpe Bank is the third FDIC-insured institution to fail in the nation this year, and the first in Georgia.

by Calculated Risk on 1/08/2011 07:48:00 AM

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

Here is the unofficial problem bank list for Jan 7, 2011.

Changes and comments from surferdude808:

The FDIC got back to work closing some banks and updating their structure database, which contributed to most of the seven removals this week. Also, there were four additions this week. The net changes leave the Unofficial Problem Bank List standing at 932 institutions with aggregate assets of $410 billion.

The removals include two failures -- First Commercial Bank of Florida, Orlando, FL ($598 million); and Legacy Bank, Scottsdale, AZ ($151 million); four unassisted mergers -- Bank of Smithtown, Smithtown, NY ($2.3 billion Ticker: PBCT); The Bank of Currituck, Moyock, NC ($173 million); Century Bank, Parma, OH ($128 million); and Texas Country Bank, Lakeway, TX ($54 million); and one action termination -- Savings Bank of Maine, Gardiner, ME ($861 million).

The additions were MetaBank, Storm Lake, IA ($1.0 billion Ticker: CASH); Tidelands Bank, Mount Pleasant, SC ($566 million Ticker: TDBK); Community First Bank, Boscobel, WI ($244 million); and Americantrust Federal Savings Bank, Peru, IN ($105 million).

The OCC may release its actions through mid-December 2010 next week, but since the 15th falls on Saturday it would not surprise if they did not release it until the 21st of January.

by Calculated Risk on 1/07/2011 06:12:00 PM

Twenty Eleven
First Commercial Bank Failure
Inauspicious start.
by Soylent Green is People
From the FDIC: First Southern Bank, Boca Raton, Florida, Assumes All of the Deposits of First Commercial Bank of Florida, Orlando, Florida

As of September 30, 2010, First Commercial Bank of Florida had approximately $598.5 million in total assets and $529.6 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $78.0 million. ... First Commercial Bank of Florida is the first FDIC-insured institution to fail in the nation this year, and the first in Florida.

And so it begins ...

by Calculated Risk on 12/31/2010 10:25:00 AM

Some more interesting data from Surferdude808:

With the banking crisis ending its third year, it may prove useful to identify which states have experienced the most stress.

At year-end 2007, there were 8,536 insured institutions headquartered in the 50 states, D.C., and Puerto Rico. Since that time, 1,340 or 15.7 percent have either failed or made an appearance on the Unofficial Problem Bank List (see table below).

When ranking markets with a minimum of 15 institutions at year-end 2007, Arizona has experienced the most stress with 45.6 percent of its institutions having failed or being identified as a problem. Washington is a close second at 45.4 percent. The other stressed banking states that rank in the top ten include Nevada (43 percent), Oregon (40 percent), Florida (37 percent), Georgia (34 percent), California (34 percent), Utah (32 percent), Idaho (26 percent), and Colorado (25 percent).

The common theme among these is overexposure to commercial real estate lending, particularly residential construction & development loans, and the collapse of real estate markets. At the other end of the spectrum with comparatively little stress include Iowa (4.3 percent), New Hampshire (4.2 percent), and West Virginia (1.5 percent). Vermont is the only state that has not experienced a failed institution or one appearing on the Unofficial Problem Bank List.

State	2007 Count	20101	Removals2	Failures3	Total4	% 5	Rank
AK	6	1			1	0.0%	47
AL	160	24		4	28	17.5%	16
AR	150	14	2	2	18	12.0%	25
AZ	57	15	2	9	26	45.6%	1
CA	313	65	6	34	105	33.5%	7
CO	159	33	4	3	40	25.2%	10
CT	56	7	1		8	14.3%	23
DC	8	2			2	0.0%	47
DE	33	3			3	9.1%	33
FL	317	67	4	45	116	36.6%	5
GA	352	64	4	51	119	33.8%	6
HI	9	3			3	0.0%	47
IA	391	14	2	1	17	4.3%	44
ID	19	4		1	5	26.3%	9
IL	671	65	1	38	104	15.5%	20
IN	162	13	3	1	17	10.5%	27
KS	357	32	5	7	44	12.3%	24
KY	206	16	3	1	20	9.7%	29
LA	162	8	1	1	10	6.2%	39
MA	181	8	1	1	10	5.5%	41
MD	97	15		6	21	21.6%	12
ME	34	2			2	5.9%	40
MI	164	22	3	10	35	21.3%	13
MN	443	65	2	15	82	18.5%	15
MO	361	26	3	11	40	11.1%	26
MS	97	4		1	5	5.2%	42
MT	79	14	1		15	19.0%	14
NC	112	14	2	2	18	16.1%	18
ND	97	4	1		5	5.2%	42
NE	248	10	5	2	17	6.9%	38
NH	24	1			1	4.2%	45
NJ	127	14	3	3	20	15.7%	19
NM	53	7		2	9	17.0%	17
NV	44	8	1	10	19	43.2%	3
NY	203	16	1	4	21	10.3%	28
OH	265	19	2	4	25	9.4%	31
OK	259	17	1	2	20	7.7%	37
OR	40	9	1	6	16	40.0%	4
PA	246	17		3	20	8.1%	36
PR	10	1		3	4	0.0%	47
RI	13	2	2		4	0.0%	47
SC	93	17	1	4	22	23.7%	11
SD	89	7		1	8	9.0%	34
TN	203	17	1		18	8.9%	35
TX	659	48	7	8	63	9.6%	30
UT	68	16		6	22	32.4%	8
VA	119	16		2	18	15.1%	22
VT	16				0	0.0%	47
WA	97	28	2	14	44	45.4%	2
WI	296	39	3	3	45	15.2%	21
WV	68			1	1	1.5%	46
WY	43	2	1	1	4	9.3%	32
Totals	8,536	935	82	323	1,340	15.7%

¹ Unofficial Problem Bank List Year-end 2010
² Unofficial Problem Bank List Removals (ex-Failures)
³ Failures (2008-2010)
⁴ Total Failures, UPBL, & UPBL Removals (ex-Failures)
⁵ Total failures, UBPL, and UPBL ex-failures to 2007 count (a percentage for states with less than 15 institutions is not determined because of possible skew to ranking).

by Calculated Risk on 12/31/2010 09:05:00 AM

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

Here is the unofficial problem bank list for Dec 31, 2010.

Changes and comments from surferdude808:

The FDIC finally released its enforcement actions for November 2010. After 18 additions and two removals, the Unofficial Problem Bank List finishes 2010 at 935 institutions and assets of $412.4 billion. The two removals were McClave State Bank, McClave, CO ($21 million) and First Resource Bank, Savage, MN ($17 million).

Among the 18 additions are Baylake Bank, Sturgeon, WI ($1.1 billion Ticker: BYLK); Signature Bank of Arkansas, Fayetteville, AR ($617 million); Regent Bank, Davie, FL ($471 million Ticker: RGTB); Grand Bank & Trust of Florida, West Palm Beach, FL ($463 million); United American Bank, San Mateo, CA ($344 million Ticker: UABK); Santa Lucia Bank, Atascadero, CA ($265 million Ticker: SLBA); and New Millennium Bank, New Brunswick, NJ ($246 million Ticker: NMNB).

Other changes include the Federal Reserve issuing a Prompt Corrective Action (PCA) order against BankEast, Knoxville, TN ($287 million). The FDIC terminated a PCA order against Bank 1st, Albuquerque, NM ($78 million).
Transition Matrix
With the passage of another quarter, it is time to update the transition matrix. The Unofficial Problem Bank List debuted on August 7, 2009 with 389 institutions with assets of $276.3 billion (see table below). Over the past 16 months, 163 institutions have been removed from the original list with 114 due to failure, 35 due to action termination, and 14 due to unassisted merger. Almost 30 percent of the 389 institutions on the original list have failed, which is substantially higher than the 12 percent figure usually cited by the media as the failure rate for institutions on the FDIC Problem Bank List. Failed bank assets have totaled $161 billion or nearly 59 percent of the $276.3 billion on the original list.

Since the publication of the original list, another 844 institutions have been added. However, only 709 of those 844 additions remain on the current list as 135 institutions have been removed in the interim. Of the 135 interim removals, 102 were due to failure, 23 were due to unassisted merger, 8 from action termination, and two from voluntary liquidation. In total, 1,296 institutions have made an appearance on the Unofficial Problem Bank List and 216 or 16.7 percent have failed. Of the 298 removals, failure is the primary form of exit (216 or 72 percent) while only 43 or 14.4 percent have been rehabilitated. The average asset size of removals because of failure is $1.1 billion. Currently, the average asset size of institutions on the current list is $441 million versus $710 million on the original list.

Unofficial Problem Bank List
Change Summary
		Number of Institutions	Assets ($Thousands)
Start (8/7/2009)		389	276,313,429
Subtractions
	Action Terminated	35	(5,158,906)
	Unassisted Merger	14	(2,176,310)
	Failures	114	(161,735,942)
	Asset Change		(14,407,340)
Still on List at 7/02/2010		226	92,834,931
Additions		709	319,519,339
End (12/31/2010)		935	412,354,270
Interperiod Deletions1
	Action Terminated	8	14,115,832
	Unassisted Merger	23	22,357,619
	Voluntary Liquidation	2	833,567
	Failures	102	75,345,146
	Total	135	112,652,164
1Institution not on 8/7/2009 or 12/31/2010 list but appeared on a list between these dates.

by Calculated Risk on 12/26/2010 11:37:00 PM

Earlier:
• Schedule for Week of December 26th
• Summary for Week ending December 25th

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

Here is the unofficial problem bank list for Dec 24, 2010.

Changes and comments from surferdude808:

The FDIC did not release its enforcement actions for November 2010 nor did they close any institutions this week, which contributed to a quiet week for the Unofficial Problem Bank List. There were three removals and two additions this week leaving the list at 919 institutions with assets of $407.9 billion.

The removals include the failed Community National Bank, North Branch, MN ($32 million), which was an oversight as they had moved their headquarters to Lino Lakes. In a press release, AB&T National Bank, Albany, GA ($142 million Ticker: ALBY) said the OCC had terminated the Formal Action it had been operating under since 2006. The other removal was Bank Midwest, National Association, Kansas City, MO ($3.9 billion) as it merged with Armed Forces National Bank, NA, Fort Leavenworth, KS ($811 million), which is also operating under a Consent Order from the OCC.

The two additions are Provident Community Bank, National Association, Rock Hill, SC ($429 million Ticker: PCBS); and Security Federal Savings Bank, Logansport, IN ($191 million). The other change is a Prompt Corrective Action Order issued by the OTS against Liberty Federal Savings Bank, Enid, Ok ($148 million).

Perhaps next week the FDIC will release its actions for November 2010.

CR Note: The FDIC is probably finished closing banks for the year. The total was 157 failures in 2010, up from 140 failures in 2009.

by Calculated Risk on 12/18/2010 08:42:00 AM

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

Here is the unofficial problem bank list for Dec 17, 2010.

Changes and comments from surferdude808:

The Unofficial Problem Bank List finished the week at 920 institutions with assets of $411.4 billion, up from 919 institutions last week. Assets were essentially unchanged. This week there were six failures, but only four were on the list -- The Bank of Miami, National Association, Coral Gables, FL ($448 million); Chestatee State Bank, Dawsonville, GA ($244 million); United Americas Bank, National Association, Atlanta, GA ($242 million); and Appalachian Community Bank, F.S.B., McCaysville, GA ($68 million Ticker: APAB).

As anticipated, the OCC released its actions through mid-November, which contributed to the five additions the weeks. Newly joining the list are Omnibank, National Association, Houston, TX ($384 million); Empire National Bank, Islandia, NY ($319 million Ticker: EMPK); The First National Bank of Mercersburg, Mercersburg, PA ($188 million Ticker: MCBG); The Headland National Bank, Headland, AL ($114 million); and The First National Bank of Fleming, Fleming, CO ($18 million).

The OCC strengthened actions against First Citizens Bank of Polson, National Association, Polson, MT ($26 million) and Metropolitan National Bank, New York, NY ($600 million) by replacing Formal Agreements with Consent Orders. The other change was a Prompt Corrective Action order being issued by the Federal Reserve against The Park Avenue Bank, Valdosta, GA ($1.0 billion).

We anticipate the FDIC will release its actions for November 2010 next week, and it is likely they will take the rest of the year off executing closures.

So 157 failures is probably it for 2010.

by Calculated Risk on 12/17/2010 07:03:00 PM

Shadowy Reaper
A grim Black Friday for some
Nearing your banks door?
by Soylent Green is People
From the FDIC: Southern Bank, Poplar Bluff, Missouri, Assumes All of the Deposits of First Southern Bank, Batesville, Arkansas

As of September 30, 2010, First Southern Bank had approximately $191.8 million in total assets and $155.8 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.8 million. ... First Southern Bank is the 156th FDIC-insured institution to fail in the nation this year, and the first in Arkansas.

From the FDIC: Farmers & Merchants Savings Bank, Manchester, Iowa, Assumes All of the Deposits of Community National Bank, Lino Lakes, Minnesota

As of September 30, 2010, Community National Bank had approximately $31.6 million in total assets and $28.8 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.7 million. ... Community National Bank is the 157th FDIC-insured institution to fail in the nation this year, and the eighth in Minnesota.

The FDIC is busy on probably the last closing day of the year.

by Calculated Risk on 12/17/2010 06:09:00 PM

Zombied bank kill shot
U.A.B. casualty
Fewer walking dead
by Soylent Green is People
From the FDIC: State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of United Americas Bank, National Association, Atlanta, Georgia

As of September 30, 2010, United Americas Bank, N.A. had approximately $242.3 million in total assets and $193.8 million in total deposits ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $75.8 million. ... United Americas Bank, N.A. is the 155th FDIC-insured institution to fail in the nation this year, and the 21st in Georgia.

More Georgia ...

by Calculated Risk on 12/17/2010 05:31:00 PM

To: Bad bank trio
Stockings filled with coal lumps.
From: Ms. Santa Bair
by Soylent Green is People
From the FDIC: 1st United Bank, Boca Raton, Florida, Assumes All of the Deposits of the Bank of Miami, National Association, Coral Gables, Florida

As of September 30, 2010, The Bank of Miami, N.A. had approximately $448.2 million in total assets and $374.2 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $64.0 million. ... The Bank of Miami, N.A. is the 152nd FDIC-insured institution to fail in the nation this year, and the 29th in Florida.

From the FDIC: Bank of the Ozarks, Little Rock, Arkansas, Assumes All of the Deposits of Chestatee State Bank, Dawsonville, Georgia

As of September 30, 2010, Chestatee State Bank had approximately $244.4 million in total assets and $240.5 million in total deposits ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $75.3 million. ... Chestatee State Bank is the 153rd FDIC-insured institution to fail in the nation this year, and the 19th in Georgia.

From the FDIC: Peoples Bank of East Tennessee, Madisonville, Tennessee, Assumes All of the Deposits of Appalachian Community Bank, F.S.B., McCaysville, Georgia

As of September 30, 2010, Appalachian Community Bank, F.S.B. had approximately $68.2 million in total assets and $76.4 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $26.0 million. ... Appalachian Community Bank, F.S.B. is the 154th FDIC-insured institution to fail in the nation this year, and the 20th in Georgia.

Georgia on the FDIC's mind ... again.

by Calculated Risk on 12/11/2010 08:30:00 AM

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

Here is the unofficial problem bank list for Dec 10, 2010.

Changes and comments from surferdude808:

The Unofficial Problem Bank List declined by one to 919 this week after three additions and four removals. However, total assets increased by $1.1 billion to $411.4 billion.

The three additions include Intervest National Bank, New York, NY ($2.1 billion) and the two thrift subsidiaries of Great River Holding Company -- RiverWood Bank, Baxter, MN ($174 million) and RiverWood Bank, Bemidji, MN ($177 million).

The removals include the two failures this week -- Paramount Bank, Farmington, MI ($253 million) and Earthstar Bank, Southhampton, PA ($113 million). The other two removals are Millennium BCP Bank, National Association, Newark, NJ, which completed a voluntary liquidation on October 15, 2010; and Oceanside Bank, Jacksonville, FL, which was acquired by The Jacksonville Bank in an unassisted merger.

Next week, we anticipate the OCC will release its actions for November 2010.

by Calculated Risk on 12/10/2010 06:13:00 PM

Sisyphean bank
Paramount's rising assets
Rolled over peak

Tremor in The Force
Earthstar has cleared the planet
Millions extinguished
by Soylent Green is People
From the FDIC: Level One Bank, Farmington Hills, Michigan, Assumes All of the Deposits of Paramount Bank, Farmington Hills, Michigan

As of September 30, 2010, Paramount Bank had approximately $252.7 million in total assets and $213.6 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $90.2 million. ... Paramount Bank is the 150th FDIC-insured institution to fail in the nation this year, and the fifth in Michigan.

From the FDIC: Polonia Bank, Huntingdon Valley, Pennsylvania, Assumes All of the Deposits of Earthstar Bank, Southampton, Pennsylvania

As of September 30, 2010, Earthstar Bank had approximately $112.6 million in total assets and $104.5 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.9 million. ... Earthstar Bank is the 151st FDIC-insured institution to fail in the nation this year, and the second in Pennsylvania.

The FDIC is back in action!

by Calculated Risk on 12/04/2010 08:33:00 AM

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

Here is the unofficial problem bank list for Dec 3, 2010.

Changes and comments from surferdude808:

It was a very quiet week for the Unofficial Problem Bank List. There were two additions and one removal because of duplication.

The two additions were First Community Bank, Glasgow, MT ($219 million) and Monadnock Community Bank, Peterborough, NH ($110 million), which is the first institution from New Hampshire to appear on the Unofficial Problem Bank List. The duplicated entry was SouthBank, a Federal Savings Bank, Cornith, MS, which has relocated to Huntsville, AL.

The other change is the termination of a Prompt Corrective Action order by the OTS issued against Aurora Bank FSB, Wilmington, DE ($4.4 billion). After these changes, the Unofficial Problem Bank List includes 920 institutions with assets of $410.3 billion.

by Calculated Risk on 11/27/2010 08:37:00 AM

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

Here is the unofficial problem bank list for Nov 26, 2010.

Changes and comments from surferdude808:

The FDIC released its actions for October, which contributed to a notable increase in the Unofficial Problem Bank List. This week there were 17 additions and one removal leaving the list at 919 institutions with assets of $410.2 billion. Assets declined $9.4 billion during the week, but $11.6 billion, or more than 100 percent of the drop in assets, came from the release of 2010q3 financials. Thus, the net 16 additions this week added $2.2 billion of assets. For the month, a net 25 institutions were added and the list has 376 more institutions than it did a year ago.

The sole removal this week is the termination of an action by the FDIC against Torrey Pines Bank, San Diego, CA ($1.2 billion Ticker: WAL).

Among the 17 additions this week are the Bank of the Orient, San Francisco, CA ($675 million); Town & Country Bank and Trust Company, Bardstown, KY ($454 million Ticker: FHDG); Border State Bank, Greenbush, MN ($347 million); McHenry Savings Bank, McHenry, IL ($271 million); and SouthBank, a Federal Savings Bank, Huntsville, AL ($265 million).

The Q3 FDIC Quarterly banking profile was released last week and showed 860 problem institutions at the end of Q3 with $379 billion in assets.

by Calculated Risk on 11/19/2010 10:58:00 PM

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

Here is the unofficial problem bank list for Nov 19, 2010.

Changes and comments from surferdude808:

As anticipated, the Unofficial Problem Bank List rose above 900 as the OCC released its actions through the middle of October 2010 today. Net additions were 5 institutions, which pushed the list total to 903. Assets increased this week by $1.13 billion pushing the aggregate total to $419.6 billion.

There were four removals this week including the three failures -- First Banking Center, Burlington, WI ($822 million); Gulf State Community Bank, Carrabelle, FL ($117 million); and Allegiance Bank of North America, Bala Cynwyd, PA ($116 million). First Banking Center opened in 1920, survived the Great Depression, but did not make it through the Great Recession.

The other removal was the termination of a Supervisory Agreement against The First National Bank of Trenton, Trenton, TX ($147 million) by the OCC. We would not be surprised if the termination is because the Supervisory Agreement is being replaced by a Consent Order.

The nine additions this week include Mid-Wisconsin Bank, Medford, WI ($498 million Ticker: MWFS); First National Bank South, Alma, GA ($335 million); Farmers State Bank, Victor, MT ($323 million); Madison National Bank, Merrick, NY ($305 million); United Americas Bank, National Association, Atlanta, GA ($263 million); San Antonio National Bank, Refugio, TX ($249 million); First Federal Bank, A FSB, Tuscaloosa, AL ($180 million); Santa Clara Valley Bank, National Association, Santa Paula, CA ($140 million); and Sonoran Bank, N.A., Phoenix, AZ ($36 million).

Other changes this week include the Federal Reserve issuing a Prompt Corrective Action Order against Legacy Bank, Milwaukee, WI ($216 million); and the OCC converting a Formal Agreement to a Consent Order against Fidelity Bank of Florida, National Association, Merritt Island, FL ($419 million). We anticipate the FDIC will release its actions for October next week.

The Q3 FDIC Quarterly banking profile will be released soon and will probably show around 900 problem banks at the end of September.

by Calculated Risk on 11/19/2010 07:10:00 PM

Parabolic arc
Escape velocity near
Warp trajectory
by Soylent Green is People
From the FDIC: First Michigan Bank, Troy, Michigan, Assumes All of the Deposits of First Banking Center, Burlington, Wisconsin

As of September 30, 2010, First Banking Center had approximately $750.7 million in total assets and $664.8 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $142.6 million. Compared to other alternatives, First Michigan Bank's acquisition was the least costly resolution for the FDIC's DIF. First Banking Center is the 149th FDIC-insured institution to fail in the nation this year, and the second in Wisconsin.

Three down today with close to $1 billion in assets. A billion here, a billion there ...

by Calculated Risk on 11/19/2010 06:12:00 PM

I pledge allegiance
To perpetual bailout
And justice for none
by Soylent Green is People
From the FDIC: VIST Bank, Wyomissing, Pennsylvania, Assumes All of the Deposits of Allegiance Bank of North America, Bala Cynwyd, Pennsylvania

As of September 30, 2010, Allegiance Bank of North America had approximately $106.6 million in total assets and $92.0 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.2 million. .... Allegiance bank of North America is the 148th FDIC-insured institution to fail in the nation this year, and the first in Pennsylvania.

Two down today ...

by Calculated Risk on 11/19/2010 05:14:00 PM

Note: I started posting bank failures a few years when I was predicting 100s of banks would fail. Since then it has become sort of a Friday afternoon ritual.

Endangered species
Rare Florida solvent bank
So few may exist
by Soylent Green is People
From the FDIC: Centennial Bank, Conway, Arkansas, Assumes All of the Deposits of Gulf State Community Bank, Carrabelle, Florida

As of September 30, 2010, Gulf State Community Bank had approximately $112.1 million in total assets and $112.2 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $42.7 million. ... Gulf State Community Bank is the 147th FDIC-insured institution to fail in the nation this year, and the 28th in Florida.

Another 40% or so loss on assets. Ouch.

by Calculated Risk on 11/12/2010 11:59:00 PM

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

Here is the unofficial problem bank list for Nov 12, 2010.

Changes and comments from surferdude808:

Despite failures, the Unofficial Problem Bank List continued its rise to the 900 level. This week the list count finished at 898 after six additions and two removals. Assets total $418.5 billion, up from $416.5 billion last week.

After three down trending weeks in October, some readers wondered if the list had peaked. After this pause, the Unofficial Problem Bank List has added a net 27 institutions and $16.4 billion of assets since October 22nd.

Removals are two of this week’s failures -- Darby Bank & Trust Co., Vidalia, GA ($690 million) and Copper Star Bank, Scottsdale, AZ ($204 million).

Additions include Atlantic Coast Bank, Waycross, GA ($901 million Ticker: ACFC); The Leaders Bank, Oak Brook, IL ($659 million); NewDominion Bank, Charlotte, NC ($535 million); Middlesex Federal Savings, F.A., Somerville, MA ($389 million); Community Bank of Oak Park River Forest, Oak Park, IL ($364 million); and First Federal Savings and Loan Association of Pekin, Pekin, IL ($28 million).

We applaud the Illinois State Banking Department for the timely disclosure of its enforcement actions. Next week, we anticipate the OCC will release its actions for October, which will likely push the list count over 900.

by Calculated Risk on 11/12/2010 07:29:00 PM

Tarnished Copper Star
Fed burnishing to return
Like a bad penny.
by Soylent Green is People
From the FDIC: Stearns Bank National Association, St. Cloud, Minnesota, Assumes All of the Deposits of Copper Star Bank, Scottsdale, Arizona

As of September 30, 2010, Copper Star Bank had approximately $204.0 million in total assets and $190.2 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $43.6 million. ... Copper Star Bank is the 146th FDIC-insured institution to fail in the nation this year, and the fourth in Arizona.

Three down today so far ...