FDIC troubled bank list
By on
July 15th, 2008
The FDIC has been reporting all weekend about some large banks that are showing signs of definite weakness. While the FDIC sees some improvement in the banking industry there are still some serious problems. The troubled Banks include some big names and there are some real issues in California.
“It looks like a couple of larger banks landed on the troubled list,” said Tanya Azarchs, a banking analyst at the Standard & Poor’s Corporation, a rating firm which watches the health of banks and watches for Troubled signs of potential failure.
Although analysts do not know which banks were added to the list, they noted that individual banks’ earnings reports provide a good clue to the banks experiencing the greatest trouble.
The chairman of the F.D.I.C., has said that 11 of the nation’s 50 largest banks lost money last year. He did not indicate which of those banks also had enough problems with their financial strength, management and bad loans to be included among the 1,069 banks on the troubled list. Three months earlier, the troubled list included 1,081 banks.
In California, where the downturn in real estate prices came later than in other regions, the F.D.I.C. said losses totaled $379 million in the fourth quarter, down sharply from profits of $447 million in the year-earlier quarter.
Looking at the earnings from some of the larger banks who may be in trouble could include: Security Pacific Corporation, which lost $774.5 million, and First Interstate Bancorporation, which lost $288.1 million, both are based in Los Angeles California, Wells Fargo & Company, in San Francisco, suffered losses late in the year but managed to eke out a $21 million profit for the year.
Other banking companies among the 50 largest in the country that lost money last year included Citicorp, Midlantic, Shawmut National of Boston, Continental Bank, MNC Financial, Bank of Boston, and Signet Banking,
This will be some interesting developments as new earnings are released by Banks. This is getting scary as if a large number of Banks where to fail then we would be looking at another great depression. And we don’t have FDR or anyone close to him to bail us out this time.
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Looking for the FDIC banks in trouble watch list?
Oh come on, the FDIC doesn’t publish the FDIC watchlist — and it wouldn’t really help if they did, because people would pull all their money out the troubled banks, causing further trouble.
Besides, IndyMac wasn’t even on the list of the FDIC’s watchlist of troubled banks! But they are now on the FDIC’s list of failed banks:
FDIC list of failed banks, updated for 2008 with IndyMac…
A lender-watching website does have list of 266 banks/lenders they believe are in trouble…
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hello
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