by Calculated Risk on 2/26/2010 11:11:00 PM

This is an unofficial list of Problem Banks compiled only from public sources. Changes and comments from surferdude808:

The Unofficial Problem Bank List underwent major changes during the week as aggregate assets for all institutions were updated to 2009q4 from 2009q3 and the FDIC finally released its enforcement actions issued during January 2010.

The list now includes 644 institutions, up from 617 last week, as 33 institutions with assets of $12 billion were added while 6 with assets of $1.3 billion were deleted. Despite the additions, aggregate assets fell from $329 billion to $326 billion. For the 616 institutions that stayed on the list from last week, their aggregate assets dropped $13.8 billion during the fourth quarter.

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by Calculated Risk on 2/26/2010 09:12:00 PM

Ranier Pacific
Day of reckoning has come
As sun sets westward
by Soylent Green is People
From the FDIC: Umpqua Bank, Roseburg, Oregon, Assumes All of the Deposits of Rainier Pacific Bank, Tacoma, Washington

Rainier Pacific Bank, Tacoma, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver....

As of December 31, 2009, Rainier Pacific Bank had approximately $717.8 million in total assets and $446.2 million in total deposits. ...

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by Calculated Risk on 2/26/2010 08:06:00 PM

Cheap Nevada thrills
Bright lights! Fast Times! No Limits!
Woe, The taps gone dry.
by Soylent Green is People
From FDIC: Heritage Bank of Nevada, Reno, Nevada, Assumes All of the Deposits of Carson River Community Bank, Carson City, Nevada

Carson River Community Bank, Carson City, Nevada, was closed today by the Nevada Department of Business and Industry, Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of December 31, 2009, Carson River Community Bank had approximately $51.1 million in total assets and $50.0 million in total deposits....

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $7.9 million. ... Carson River Community Bank is the 21st FDIC-insured institution to fail in the nation this year, and the first in Nevada. The last FDIC-insured institution closed in the state was Community Bank of Nevada, August 14, 2009.

A small one ...

by Calculated Risk on 2/26/2010 07:36:00 PM

Press Release: Fannie Mae Reports Fourth-Quarter and Full-Year 2009 Results

Fannie Mae reported a net loss of $15.2 billion in the fourth quarter of 2009 ... For the full year of 2009, Fannie Mae reported a net loss of $72.0 billion...

The fourth-quarter loss resulted in a net worth deficit of $15.3 billion as of December 31, 2009, taking into account unrealized gains on available-for-sale securities during the fourth quarter. As a result, on February 25, 2010, the Acting Director of the Federal Housing Finance Agency submitted a request for $15.3 billion from Treasury on the company’s behalf. FHFA has requested that Treasury provide the funds on or prior to March 31, 2010.
...
Although there have been signs of stabilization in the housing market and economy, we expect that our credit-related expenses will remain high in the near term due in large part to the stress of high unemployment and underemployment on borrowers and the fact that many borrowers who owe more on their mortgagees than their houses are worth are defaulting.
...
We expect to have a net worth deficit in future periods, and therefore will be required to obtain additional funding from Treasury ...

I'm old enough to remember when $15 billion was a large number.

by Calculated Risk on 2/26/2010 05:12:00 PM

Note: This index is based on year-over-year performance, and the headline index might be slow to recognize a pickup in business.

Click on graph for larger image in new window.

Unfortunately the data for this index only goes back to 2002.

Note: Any reading below 100 shows contraction for this index.

From the National Restaurant Association (NRA): Restaurant Performance Index Declines Slightly in January, But Optimism for Future Business Conditions Strengthens

[T]he Association’s Restaurant Performance Index (RPI) ... stood at 98.3 in January, down 0.3 percent from December’s level.

“Although the current situation indicators remained soft in January, the Expectations Index rose above 100 for the first time in 9 months,” said Hudson Riehle, senior vice president of Research and Knowledge Group for the National Restaurant Association. “Restaurant operators are relatively optimistic about improving sales growth and economic conditions in the months ahead, and their capital spending plans rose to the highest level in five months.”

January’s mark of 98.3 represents the 27th consecutive month of an index below 100, which signifies contraction in the index of key industry indicators. The full report is available online.
...
The Current Situation Index, which measures current trends in four industry indicators (same-store sales, traffic, labor and capital expenditures), stood at 96.6 in January – down 0.8 percent from December. In addition, January represented the 29th consecutive month below 100, which signifies contraction in the current situation indicators.
...
Restaurant operators also reported softer customer traffic results in January. Twenty-six percent of restaurant operators reported an increase in customer traffic between January 2009 and January 2010, down from 30 percent who reported higher customer traffic in December. Fifty-four percent of operators reported a traffic decline in January, up from 47 percent who reported lower traffic in December.
emphasis added