Federal Reservations

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

Here is the unofficial problem bank list for Feb 3, 2012. (table is sortable by assets, state, etc.)

Changes and comments from surferdude808:

Quiet week for the Unofficial Bank List with no closings, one voluntary liquidation, and one addition. The list is unchanged at 958 institutions but assets increased by nearly $600 million to $389.6 billion. The First National Bank of Ordway, Ordway, CO ($45 million) underwent a voluntary liquidation in late January. The sole addition was Community West Bank, National Association, Goleta, CA ($643 million Ticker: CWBC) after the OCC issued a Consent Order against the bank. The only other change was a Prompt Corrective Action order issued by the Federal Reserve against Bank of Bartlett, Bartlett, TN ($371 million). Next week will likely be quiet as well.

Earlier Employment posts:
• January Employment Report: 243,000 Jobs, 8.3% Unemployment Rate
• Graphs: Unemployment Rate, Participation Rate, Jobs added
• Employment Summary, Part Time Workers, and Unemployed over 26 Weeks
• Construction Employment, Duration of Unemployment, Unemployment by Education and Diffusion Indexes
• All Employment Graphs

Originally from Calculated Risk

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

Here is the unofficial problem bank list for Oct 14, 2011.

Changes and comments from surferdude808:

After several changes, the Unofficial Problem Bank List finished the week with 979 institutions and assets of $403.8 billion. A year ago, there were 875 institutions with assets of $401.6 billion on the list. This week, there were five removals and one addition.

The addition this week is The Savannah Bank, National Association, Savannah, GA ($737 million Ticker: SAVB). Also, the Federal Reserve issued a Prompt Corrective Action order against Anchor Commercial Bank, North Palm Beach, FL ($143 million), which has been operating under a Written Agreement since March 2010.

Among the removals are The Elgin State Bank, Elgin, IL ($277 million), which merged on an unassisted basis with St. Charles Bank & Trust Company, Saint Charles, IL. The other removals were the four failed banks -- First State Bank, Cranford, NJ ($204 million); Piedmont Community Bank, Gray, GA ($202 million); Country Bank, Aledo, IL ($191 million); and Blue Ridge Savings Bank, Inc., Asheville, NC ($161 million). All of these failures were costly relative to the failed bank assets at more than 22 percent. Moreover, Piedmont Community Bank and Country Bank resolution costs were around 35 percent of their respective assets. While the Unofficial Problem Bank List has trended down over the past three months, failure continues as the primary removal method.

Yesterday:
• Summary for Week Ending Oct 14th
• Lawler: Early Read on Existing Home Sales in September
• Schedule for Week of Oct 16th

Originally from Calculated Risk

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

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

Changes and comments from surferdude808:

As anticipated, it was a quiet week for changes to the Unofficial Problem Bank List. This week, there were three removals, which leaves the list with 983 institutions and assets of $404.1 billion. A year ago, there were 877 institutions with assets of $417.3 billion.

The removals include the Federal Reserve terminating an action against State Bank Financial, La Crosse, MN ($303 million) and the two failures this week -- The Riverbank, Wyoming, MN ($417 million); and Sun Security Bank, Ellington, MO ($356 million).

Earlier:
• Summary for Week Ending Oct 7th
• Schedule for Week of Oct 9th

Originally from Calculated Risk

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

Here is the unofficial problem bank list for Sept 9, 2011.

Changes and comments from surferdude808:

As anticipated, it was a quiet week for changes to the Unofficial Problem Bank List. This week, there were two removals and one addition, which leaves the list with 986 institutions and assets of $402.7 billion. A year ago, there were 849 institutions with assets of $415.3 billion.

The removals were the failed The First National Bank of Florida, Milton, FL ($297 million) and Clarkston State Bank, Clarkston, MI ($111 million Ticker: HRTB), which had its actions terminated by the FDIC. The addition is Community Pride Bank, Isanti, MN ($92 million), which has been subject to a Consent Order by the State of Minnesota and not the FDIC since May 2010. This action just came to light when the Federal Reserve issued a Written Agreement against the bank's parent holding company.

Next week, we anticipate the OCC will release its actions through mid-August, which should contribute to more changes to the list.

Earlier:
• Schedule for Week of Sept 11th
• Summary for Week ending September 9th

Originally from Calculated Risk

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

Here is the unofficial problem bank list for Aug 13, 2011.

Changes and comments from surferdude808:

The total number of institutions on the Unofficial Problem Bank Lists remains unchanged from last week at 988. However, there were two removals and two additions. Aggregate assets declined slightly by $391 million to $411.3 billion.

The removals include the failed The First National Bank of Olathe, Olathe, KS ($572 million) and Citizens Bank of Spencer, Tenn., Spencer, TN ($46 million), which merged on an unassisted basis. The additions were State Bank of Herscher, Herscher, IL ($195 million) and Texas Coastal Bank, Pasadena, TX ($32 million).

The other change is the issuance of a Prompt Corrective Action order by the Federal Reserve against Bank of the Eastern Shore, Cambridge, MD ($190 million). Next week, we anticipate the OCC releasing its actions through the middle of July. This will be the first monthly release after the merger of the OCC with the OTS.

It seems like the number of mergers has increased recently.

Earlier:
• Summary for Week Ending August 12th
• Schedule for Week of August 14th

Originally from Calculated Risk

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

Here is the unofficial problem bank list for Aug 5, 2011.

Changes and comments from surferdude808:

Busy week for removals with the two failures this Friday night and after the FDIC updated its structure database to reflect some recent unassisted mergers. The removals plus one addition leave the Unofficial Problem Bank List at 988 institutions with assets of $411.6 billion, down from 995 institutions with assets of $415.4 billion last week.

The removals from failure include Bank of Whitman, Colfax, WA ($608 million) and Bank of Shorewood, Shorewood, IL ($120 million). Consistent with an American Banker article published in the past month that said regulators are pushing troubled banks to find merger partners, there were six removals because of unassisted mergers including Wilmington Trust FSB, Baltimore, MD ($2.3 billion); Sunrise Bank, San Diego, CA ($232 million); Jefferson Bank, Dallas, TX ($205 million); Bank of the Northwest, Bellevue, WA ($146 million); Cornerstone Bank & Trust, National Association, Carrollton, IL ($144 million); and Heritage Bank, National Association, Holstein, IA ($137 million).

The flow of new additions will become lumpier with the shuttering of the OTS as the OCC and FDIC only release actions on a monthly basis instead of when they are issued like the Federal Reserve and OTS.

Employment posts yesterday (with graphs):
• July Employment Report: 117,000 Jobs, 9.1% Unemployment Rate
• Employment Summary, Part Time Workers, and Unemployed over 26 Weeks
• More Employment (Duration, Education, Diffusion Index)
• Employment graph gallery

Originally from Calculated Risk

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

Here is the unofficial problem bank list for Feb 18, 2011.

Changes and comments from surferdude808:

Despite well wishes for a safe banking week, it was anything but with several failures and numerous additions to the Unofficial Problem Bank List. In all, there were six removals and 13 additions this week, which leaves the Unofficial Problem Bank List with 951 institutions with assets of $418.6 billion.

Assets increased by $5.6 billion, which is the largest weekly increase since November 5, 2010. Furthermore, the asset total of $418.6 billion is the highest it has been in nearly three months when they were $419.6 billion at November 19, 2010.

Among the removals are an action termination against Eaton National Bank & Trust Co., Eaton, OH ($190 million) and an unassisted merger as American State Bank, Tulsa, OK ($13 million) merged into Peoples Bank, Tulsa, OK.

All of the failures this week were on the Unofficial Problem Bank List and they include Habersham Bank, Clarkesville, GA ($396 million Ticker: HABC); San Luis Trust Bank, FSB, San Luis Obispo, CA ($306 million Ticker: SNLS); Citizens Bank of Effingham, Springfield, GA ($221 million); and Charter Oak Bank, Napa, CA ($136 million). Interestingly, Habersham Bank must have been on double secret probation with the FDIC as they never disclosed the Cease & Desist order Habersham Bank was under. In addition, the OTS issued a Prompt Corrective Acton order against San Luis Trust Bank, FSB only nine days before its failure.

As anticipated, the OCC released its actions through the middle of January 2011, which contributed to the numerous additions this week. Among the 13 additions are Wilmington Trust FSB, Baltimore, MD ($1.8 billion Ticker: WL); Southern Community Bank and Trust, Winston Salem, NC ($1.7 billion Ticker: SCMF); Queensborough National Bank & Trust Company, Louisville, GA ($941 million); Horry County State Bank, Loris, SC ($804 million Ticker: HCFB); and One Bank & Trust, National Association, Little Rock, AR ($439 million).

Other changes include Prompt Corrective Action orders issued by the Federal Reserve against the Bank of Whitman, Colfax, WA ($722 million) and Idaho Banking Company, Boise, ID ($195 million) and the OCC against Western Springs National Bank and Trust, western Springs, IL ($196 million).

Next week we anticipate the FDIC will release its actions through January 2011. Perhaps we should not issue any well wishes for a safe banking for the upcoming week given the carnage this past week.

CR Note: The FDIC will probably release the Q4 Quarterly Banking Profile in the next couple of weeks, and that will include the number of banks on the official problem bank list at the end of 2010.

Originally from Calculated Risk

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

Here is the unofficial problem bank list for Jan 28, 2011.

Changes and comments from surferdude808:

Not the safest week in banking as the FDIC released its formal enforcement actions for December 2010 and closed four institutions including the largest bank headquartered in New Mexico. This week there were 15 additions and three removals. The changes leave the Unofficial Problem Bank list at 949 institutions with assets of $410.9 billion, up from 937 institutions with assets of $409.4 billion.

The removals include three of the four failures -- First Community Bank, Taos, NM ($2.3 billion Ticker: FSNM); Firstier Bank, Louisville, CO ($782 million); and Evergreen State Bank, Stoughton, WI ($246 million). The other failure this week -- The First State Bank, Camargo, OK was only placed under enforcement action in December 2010 (35 days before it failed) by the FDIC so it never made an appearance on the Unofficial Problem Bank List.

Among the 13 additions are First Federal Savings Bank of Elizabethtown, Elizabethtown, KY ($1.2 billion Ticker: FFKY); The Heritage Bank, Hinesville, GA ($952 million); First American International Bank, Brooklyn, NY ($604 million); Park Federal Savings Bank, Chicago, IL ($216 million Ticker: PFED); and Premier Service Bank, Riverside, CA ($157 million Ticker: PSBK).

Other changes include the issuance of Prompt Corrective Action orders by the FDIC against The Bank of Commerce, Wood Dale, Il ($174 million) and the Federal Reserve against Virginia Business Bank, Richmond, VA ($129 million). Positively, the FDIC terminated the PCA order against AmericanWest Bank, Spokane, WA ($1.5 billion Ticker: AWBCQ).

After the monthly release of actions by the FDIC, it would not be unusual for the Unofficial Problem Bank List to trend down until the middle of next month as closings tend to outpace new order issuance during this part of the month. Overall, if trends persist, the list could hit CR's anticipated [1000] mark by the end of May 2011.

Originally from Calculated Risk

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
&nbsp
Subtractions
	Action Terminated	35	(5,158,906)
	Unassisted Merger	14	(2,176,310)
	Failures	114	(161,735,942)
	Asset Change		(14,407,340)
&nbsp
Still on List at 7/02/2010		226	92,834,931
&nbsp
Additions		709	319,519,339
&nbsp
End (12/31/2010)		935	412,354,270
&nbsp
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.

Originally from Calculated Risk

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.

Originally from Calculated Risk