by Calculated Risk on 11/06/2010 09:08:00 AM

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

Here is the unofficial problem bank list for Nov 5, 2010.

Changes and comments from surferdude808:

The number of institutions on the Unofficial Problem Bank List remained unchanged this week at 894 as there were four additions and four removals. However, aggregate assets increased to $416.5 billion from $410.7 billion.

Removals this week are the failures that include K Bank, Randallstown, MD ($592 million); Pierce Commercial Bank, Tacoma, WA ($242 million); Western Commercial Bank, Woodland, CA ($111 million); and First Vietnamese American Bank, Westminster, CA ($52 million).

Additions this week are Superior Bank, Tampa, FL ($3.4 billion Ticker: SUPR); The Suffolk County National Bank of Riverhead, Riverhead, NY ($1.7 billion Ticker: SUBK); Essex Bank, Tappahannock, VA ($1.2 billion Ticker: BTC); and Community Central Bank, Mount Clemens, MI ($543 million Ticker: CCBD).

As always, thanks to surferdude808 for compiling this list!

by Calculated Risk on 11/05/2010 09:22:00 PM

There were 140 failures in 2009. This makes 143 and counting in 2010 ...

Bair's valkyries ride
someday this war's gonna end
today is that day
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From the FDIC: Grandpoint Bank, Los Angeles, California, Assumes All of the Deposits of First Vietnamese American Bank, Westminster, California

As of September 30, 2010, First Vietnamese American Bank had approximately $48.0 million in total assets and $47.0 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $9.6 million. ... First Vietnamese American Bank is the 143rd FDIC-insured institution to fail in the nation this year, and the twelfth in California.

by Calculated Risk on 11/05/2010 08:22:00 PM

There were 140 failures in 2009. This makes 142 and counting in 2010 ...

Ben's bucket 'o bucks
Cataclysmic cash cloudburst
Poor panacea
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From the FDIC: Heritage Bank, Olympia, Washington, Assumes All of the Deposits of Pierce Commercial Bank, Tacoma, Washington

As of September 30, 2010, Pierce Commercial Bank had approximately $221.1 million in total assets and $193.5 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $21.3 million. ... Pierce Commercial Bank is the 142nd FDIC-insured institution to fail in the nation this year, and the eleventh in Washington..

by Calculated Risk on 11/05/2010 07:09:00 PM

There were 140 failures in 2009. This makes 141 in 2010 ...

Early Cali down.
Western Commercial Bank Fail
Why the rush, Sheila?
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From the FDIC: First California Bank, Westlake Village, California, Assumes All of the Deposits of Western Commercial Bank, Woodland Hills, California

As of September 30, 2010, Western Commercial Bank had approximately $98.6 million in total assets and $101.1 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $25.2 million. ... Western Commercial Bank is the 141st FDIC-insured institution to fail in the nation this year, and the eleventh in California.

by Calculated Risk on 11/05/2010 06:47:00 PM

K Street Lobbyists
Plenipotentiaries
Could not save K Bank
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From the FDIC: Manufacturers and Traders Trust Company (M&T Bank), Buffalo, New York, Assumes All of the Deposits of K Bank, Randallstown, Maryland

As of September 30, 2010, K Bank had approximately $538.3 million in total assets and $500.1 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $198.4 million. ... K Bank is the 140th FDIC-insured institution to fail in the nation this year, and the fourth in Maryland.

One down today ...

by Calculated Risk on 11/05/2010 05:20:00 PM

The combined REO (Real Estate Owned) inventory for Fannie, Freddie and the FHA increased by 24% at the end of Q3 2010 compared to Q2 2010. The REO inventory increased 92% compared to Q3 2009 (year-over-year comparison).

Click on graph for larger image in new window.

This graph shows the REO inventory for Fannie, Freddie and FHA through Q3 2010.

The REO inventory for the "Fs" has increased sharply over the last year, from 153,007 at the end of Q3 2009 to a record 293,171 at the end of Q3 2010.

There are new records for Fannie, Freddie, and FHA REO inventory individually too.

Remember this is just a portion of the total REO inventory. Private label securities and banks and thrifts also hold a substantial number of REOs.

The REO inventory will probably increase sharply in Q4. From Fannie Mae today:

Given the large number of seriously delinquent loans in our single-family guaranty book of business and the large current and anticipated supply of single-family homes in the market, we expect it will take a number of years before our REO inventory approaches pre-2008levels.
...
Our expectation that the foreclosure pause will likely result in higher serious delinquency rates, longer foreclosure timelines, higher foreclosed property expenses, higher credit losses, higher credit-related expenses, and an increase in the number of REO properties we are unable to market for sale.