by Calculated Risk on 10/02/2009 09:15:00 PM

This is an unofficial list of Problem Banks. All three banks failures today were on this list (Warren Bank, Warren, Michigan; Jennings State Bank, Spring Grove, Minnesota; Southern Colorado National Bank, Pueblo, Colorado)

Changes and comments from surferdude808:

The Unofficial Problem Bank List increased by a net four institutions during the week to 463. Aggregate assets increased by $1.5 billion to $298.6 billion.

Additions include three Illinois-based institutions -- Valley Bank, Moline ($691m); Highland Community Bank, Chicago ($120m); and Freedom Bank, Sterling ($86m) - and First Utah Bank, Salt Lake City ($358m) and Coastal Community Bank, Everett, WA ($262m).

The state banking department of Illinois may be the only state department that publicly releases its enforcement actions. We wish other state banking departments would follow Illinois’ lead by providing transparency around their actions.

There is one deletion from last week’s list -- Waterford Village Bank, Williamsville, NY, which we inadvertently missed removing from the list when it failed on July 24th. We greatly appreciate all feedback received in making this list as accurate as possible.

The only other notable change to the list is the addition of a Prompt Corrective Action order against Partners Bank, Naples, FL issued on September 18th. The OTS had previously placed Partners Bank under a Cease & Desist Order on August 21st.

The list is compiled from regulator press releases or from public news sources (see Enforcement Action Type link for source). The FDIC data is released monthly with a delay, and the Fed and OTC data is more timely. The OCC data is a little lagged. Credit: surferdude808.

See description below table for Class and Cert (and a link to FDIC ID system).

For a full screen version of the table click here.

The table is wide - use scroll bars to see all information!

NOTE: Columns are sortable - click on column header (Assets, State, Bank Name, Date, etc.)





Class: from FDIC

The FDIC assigns classification codes indicating an institution's charter type (commercial bank, savings bank, or savings association), its chartering agent (state or federal government), its Federal Reserve membership status (member or nonmember), and its primary federal regulator (state-chartered institutions are subject to both federal and state supervision). These codes are:

N National chartered commercial bank supervised by the Office of the Comptroller of the Currency

SM State charter Fed member commercial bank supervised by the Federal Reserve

NM State charter Fed nonmember commercial bank supervised by the FDIC

SA State or federal charter savings association supervised by the Office of Thrift Supervision

SB State charter savings bank supervised by the FDIC

Cert: This is the certificate number assigned by the FDIC used to identify institutions and for the issuance of insurance certificates. Click on the number and the Institution Directory (ID) system "will provide the last demographic and financial data filed by the selected institution".

by Calculated Risk on 10/02/2009 08:20:00 PM

Rocky Mountain High
Rarified Air, Rarer cash.
Where did it all go?
by Soylent Green is People
Form the FDIC: Legacy Bank, Wiley, Colorado, Assumes All of the Deposits of Southern Colorado National Bank, Pueblo, Colorado

Southern Colorado National Bank, Pueblo, Colorado, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 4, 2009, Southern Colorado National Bank had total assets of $39.5 million and total deposits of approximately $31.9 million. ....

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $6.6 million.... Southern Colorado National Bank is the 98th FDIC-insured institution to fail in the nation this year, and the third in Colorado. The last FDIC-insured institution closed in the state was New Frontier Bank, Greeley, on April 10, 2009.

Three down. Closing in on 100.

by Calculated Risk on 10/02/2009 07:08:00 PM

Nine Point Eight Percent
Recovery is forestalled
More bankers jobless
by Soylent Green is People
From the FDIC: Central Bank, Stillwater, Minnesota, Assumes All of the Deposits of Jennings State Bank, Spring Grove, Minnesota

Jennings State Bank, Spring Grove, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of July 31, 2009, Jennings State Bank had total assets of $56.3 million and total deposits of approximately $52.4 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.7 million. ... Jennings State Bank is the 97th FDIC-insured institution to fail in the nation this year, and the fourth in Minnesota. The last FDIC-insured institution closed in the state was Brickwell Community Bank, Woodbury, on September 11, 2009.

Hey, less than $12 million! Still counts ...

by Calculated Risk on 10/02/2009 06:11:00 PM

Bair: Send ur dues now.
Bank: GL GBTW
Bair: BCNU
by Soylent Green is People
From the FDIC: The Huntington National Bank, Columbus, Ohio, Assumes All of the Deposits of Warren Bank, Warren, Michigan

Warren Bank, Warren, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of July 31, 2009, Warren Bank had total assets of $538 million and total deposits of approximately $501 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $275 million. ... Warren Bank is the 96th FDIC-insured institution to fail in the nation this year, and the second in Michigan. The last FDIC-insured institution closed in the state was Michigan Heritage Bank, Farmington Hills, on April 24, 2009.

It is Friday!

by Calculated Risk on 10/02/2009 03:56:00 PM

Click on graph for larger image in new window.

This graph is from Doug Short of dshort.com (financial planner): "Four Bad Bears".

Note that the Great Depression crash is based on the DOW; the three others are for the S&P 500.

From the WSJ: Starwood-Led Group Likely Winner of Corus Assets

... a group of investors led by ... Starwood Capital Group is emerging as the likely winner ... of the failed Corus Bank's condominium loans and other property ...

The assets have a face value of about $5 billion but the winning bid is expected to be far less than that ... To minimize the losses to taxpayers from the failure of Corus, the FDIC will take a 60% equity stake in the partnership that ends up owning the Corus assets ...The FDIC also will provide financing to the partnership.

And more hotels going down ... from a Lodgian press release: (ht Zach)

The Merrill Lynch Fixed Rate Pool 3, secured by six hotels, is in default. The loan matured on October 1, 2009. The company has engaged in negotiations with the lender regarding extension and modification of the loan, with no resolution to date. Unless some agreement is reached in the near-term, the company intends to return the hotels to the lender in full satisfaction of the debt;

The company has stopped servicing the debt secured by the Crowne Plaza in Worcester, Mass., and intends to return the hotel to the lender in full satisfaction of the debt;