Updated Problem Bank List ~ market folly

Tuesday, September 15, 2009

Updated Problem Bank List

We wanted to take a moment and post up some updated data regarding the 'problem bank list' since we saw late last week that yet another major bank (Corus Bank) has failed. The FDIC releases this data monthly with a delay and Calculated Risk (a great Economics blog by the way) with the help of a reader did a great job of aggregating the spreadsheet of information. This data was posted up on September 4th, so hopefully timelag isn't too bad since the information is already released on a delayed basis much like the SEC filings we track in our hedge fund portfolio tracking series.

Below is the table of problem banks and make sure you scroll (both horizontally and vertically) as the list is pretty comprehensive. RSS & Email readers come to the blog to view the table:

Under the 'Class' column, note that N stands for national chartered commercial bank, SM stands for state charter Fed member commercial bank, NM stands for charter Fed nonmember commercial bank, SA stands for state or federal charter savings association, and SB stands for state charter savings bank.

Very interesting stuff to examine as always. Lastly, since we're on the topic of bank collapses, we just went back and read a piece on Washington Mutual's failure and thought it would be interesting reading for those of you who haven't seen it. If you're all gloom and doom now that you've seen yet again the poor state our financial system is in, we can do you one better. Nevermind bank failures, hedge fund manager Kyle Bass of Hayman Advisors has previously predicted sovereign defaults. Now wouldn't that be just dandy? So, we'll end with a toast: here's to many more anticipated bank failures.

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