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Bank Watch List

May 29th, 2010
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05.29.2010 original publish date
03.18.2011 updated broken links
02.13.2016 page format update

Bank Watch List

original article written by Net Advisor

WASHINGTON DC. On or about November 2007 I began creating a list of banks and other financial institutions where I came to the conclusion that they were all in financial trouble. Back then, few people even conceived of this as being a real problem until about 11 months later. Under my Internet ID as “Net Advisor™” I cited my top 5 problem institutions here.

Then, on or about that same month of November 2007, I expanded this list and created what amounted to be a laundry list of problem financial companies, or so I had concluded. This list included 6 investment brokerage firms, 4 banking/lending institutions, 14 mortgage related and mortgage lenders, and 5 mortgage insurers. This list can be found here, also under my Internet ID, “Net Advisor™.”

At that time I was just answering general financial questions on Yahoo. Those who were around me back beginning in the summer 2005-2007, knew was becoming more Bearish about the real estate market in general. We all pretty much know what the fallout has been since.

The banking crisis if you will is far from over. I still maintain that this is a multi-year problem. CNN reported on February 23, 2010 that 1 out of every 11 banks in the USA may face going under.

“More than 700 banks, or nearly one out of every 11, are at risk of going under, according to a government report published Tuesday.”

— Source: CNN

The FDIC had previously reported that they do not make their “Watch List” public. However after writing this report, I was able to locate the FDIC’s enforcement action list (referenced below). Enforcement Actions may or may not infer that the listed banks are necessarily in financial trouble per se, but are under FDIC scrutiny for one reason or another.

Separately, the following are financial institutions that have been put on my own Bank Watch List. This list was created based on my own independent research.

General Disclaimer:

Please note this is not a complete list. I have not reviewed every financial institution that may be in trouble. Some of these institutions may already be at or near default. As long as they have a stock that is trading, here are some institutions to keep an eye on. (Listed in no particular order):

Atlantic BancGroup, Inc. (NASDAQ: ATBC) Bank went from positive $177K in 2007 to a loss of $3.0M in 2008, and tripled that loss to $9.5M in 2009 (data source). Business: Commercial banking. Location: Florida.

FirstFed Financial Corp. filed for Chapter 11 January 7, 2010. Location: California.

First Financial Northwest, Inc. (NASDAQ: FFNW) Bank accelerated losses almost 9 fold from 2008 (+$4.6M) to 2009 (-$40.7M) (data source). Business: Retail banking (data source). Location: Washington.

FPB Bancorp, Inc. (NASDAQ: FPBI) Bank went from positive $1.4M in 2007 to loss of $1.9M in 2008, and $7.2M loss in 2009 (data source). Net balance sheet has been decreasing every year since 2007 (data source). Business: Commercial and retail banking. Location: Florida.

Great Florida Bank (OTC BB: GFLB.PK) Losing money (data source), stock D-listed from NASDAQ. Business: Commercial and retail banking. Location: Florida.

Harrington West Financial Group, Inc. (OTC BB: HWFG.OB) Bank losses plunged -$10.8M in 2008 vs. +$4.16M in 2007 (data source). Stock D-listed from NASDAQ. Business: Retail bank. Location: California.

OptimumBank Holdings, Inc. (NASDAQ: OPHC) Bank went from positive $1.7M in 2007 to decreased gain of $520K in 2008, and $11.4M loss in 2009 (data source). Business: Retail and corporate banking (data source). Location: Florida. Status: Subject to NASDAQ D-listing risk (data source).

Riverview Bancorp, Inc. (NASDAQ: RVSB) Bank went from positive $11.6M in 2007 to decreased gain of $8.6M in 2008, and $2.6M loss in 2009 (data source). On April 30, 2010, the bank reported 4th quarter loss of $4.7 million. Banks CEO reports, “…we are encouraged with the progress we have made as we move through this economic phase.” (Source: Puget Sound Business Journal, Seattle) Somehow, nothing about their financials seem, “encouraging.” Business: Commercial banking (data source). Location: Washington.

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) Lost $676.3 million in 2009 (data source). Business: Commercial and retail banking. Location: Florida. Status: TD bank acquiring w/ help from U.S. Treasury. Not a win for the tax payer when the tax payer has to assist the bailout.

Sterling Financial Corporation (NASDAQ: ATBC) Bank earnings plummeted with a loss of $336M in 2008 verses $93K gain in 2007. Earning continued to collapse in 2009 with $855M loss verses $336M loss in 2008 (data source). Business: Retail, small to mid-sized business banking. Location: Washington.

TIB Financial Corp. (NASDAQ: TIBB) Losses up 10 fold from 2007 to 2008; losses tripled from 2008 to 2009 (data source). Business: Commercial and retail banking. Location: Florida.

Timberland Bancorp, Inc. (NASDAQ: TSBK) Bank cut 2008 gains in half verses 2007. Earnings moved to loss in 2009 of about $1.M in 2009 (data source). Latest 10-Q Report on 05-06-2010. Business: Retail banking. Location: Washington.

Point of Interest:

It appears that some of the higher risk regional banks seem to be located more so in Washington and Georgia at this time.

According to a report, 1 in 4 or 25% of Washington state banks are “operating under cease-and-desist orders per FDIC. The state of Georgia has more failed banks than any state in the USA.

— Source: Wall Street Journal, 05-29-2010

I don’t have the data statistics for Florida at this time (other than the below data from the FDIC). I would argue that Florida is also high on this watch list.

FDIC Cease-and-Desist Orders vs. The Following 43 Banks


North Alabama Bank, Hazel Green, Alabama; FDIC-09-731b; Issued 4/26/10 – PDF

Pinnacle Bank, Rogers, Arkansas; FDIC-10-169b; Issued 4/9/10 – PDF

Community Commerce Bank, Claremont, California; FDIC-10-093b; Issued 4/21/10 – PDF

Pan Pacific Bank, Fremont, California; FDIC-10-098b; Issued 4/22/10 – PDF

Sunrise Bank, San Diego, California; FDIC-09-732b; Issued 4/20/10 – PDF

First Southwest Bank, Alamosa, Colorado; FDIC-10-179b; Issued 4/6/10 – PDF

Cortez Community Bank, Brooksville, Florida; FDIC-09-646b; Issued 4/6/10 – PDF

Great Florida Bank, Coral Gables, Florida; FDIC-10-095b; Issued 4/13/10 – PDF

OptimumBank, Plantation, Florida; FDIC-09-721b; Issued 4/16/10 – PDF

Bartow County Bank, Cartersville, Georgia; FDIC-09-707b; Issued 4/14/10 – PDF

Citizens State Bank, Kingsland, Georgia; FDIC-10-007b; Issued 4/14/10 – PDF

Covenant Bank & Trust, Rock Spring, Georgia; FDIC-10-024b; Issued 4/28/10 – PDF

First State Bank, Wrens, Georgia; FDIC-10-122b; Issued 4/28/10 – PDF

Arcola Homestead Savings Bank, Arcola, Illinois; FDIC-10-167b; Issued 4/22/10 – PDF

CIBM Bank, Champaign, Illinois; FDIC-10-062b; Issued 4/29/10 – PDF

Valley Community Bank, St. Charles, Illinois; FDIC-09-214b; Issued 4/29/10 – PDF

Norstates Bank, Waukegan, Illinois; FDIC-10-116b; Issued 4/16/10 – PDF

Waukegan Savings Bank, Waukegan, Illinois; FDIC-10-144b; Issued 4/19/10 – PDF

Roxbury Bank, Roxbury, Kansas; FDIC-09-207b; Issued 4/29/10 – PDF

PBK Bank, Inc., Stanford, Kentucky; FDIC-10-147b; Issued 4/19/10 – PDF

First Community Bank, Hammond, Louisiana; FDIC-10-119b; Issued 4/15/10 – PDF

The Harbor Bank of Maryland, Baltimore, Maryland; FDIC-10-051b; Issued 4/5/10 – PDF

Bank of Alpena, Alpena, Michigan; FDIC-10-014b; Issued 4/19/10 – PDF

Michigan Commerce Bank, Ann Arbor, Michigan; FDIC-09-713b; Issued 4/5/10 – PDF

Cambridge State Bank, Cambridge, Minnesota; FDIC-10-132b; Issued 4/29/10 – PDF

The Bank of Elk River, Elk River, Minnesota; FDIC-10-028b; Issued 4/5/10 – PDF

Highland Bank, Saint Michael, Minnesota; FDIC-10-029b; Issued 4/14/10 – PDF

Citizens Bank & Trust Company, Chillicothe, Missouri; FDIC-10-080b; Issued 4/14/10 – PDF

First Asian Bank, Las Vegas, Nevada; FDIC-10-220b; Issued 4/12/10 – PDF

Magyar Bank, New Brunswick, New Jersey; FDIC-10-067b; Issued 4/22/10 – PDF

Washita State Bank, Burns Flat, Oklahoma; FDIC-09-070b; Issued 4/5/10 – PDF

PremierWest Bank, Medford, Oregon; FDIC-10-105b; Issued 4/6/10 – PDF

Metro Bank, Lemoyne, Pennsylvania; FDIC-10-137b; Issued 4/29/10 – PDF

Earthstar Bank, Southhampton, Pennsylvania; FDIC-08-080b; Issued 4/29/10 – PDF

South Carolina Community Bank, Columbia, South Carolina; FDIC-10-108b; Issued 4/28/10 – PDF

Carolina First Bank, Greenville, South Carolina; FDIC-10-121b; Issued 4/30/10 – PDF

Cornerstone Community Bank, Chattanooga, Tennessee; FDIC-10-037b; Issued 4/2/10 – PDF

Heritage Community Bank, Greeneville, Tennessee; FDIC-10-145b; Issued 4/21/10 – PDF

TNBank, Oak Ridge, Tennessee; FDIC-09-596b; Issued 4/21/10 – PDF

Park Cities Bank, Dallas, Texas; FDIC-10-081b; Issued 4/15/10 – PDF

Holladay Bank & Trust, Salt Lake City, Utah; FDIC-10-070b; Issued 4/8/10 – PDF

Bank of the Northwest, Bellevue, Washington; FDIC-09-712b; Issued 4/2/10 – PDF

First Heritage Bank, Snohomish, Washington; FDIC-10-252b; Issued 4/26/10 – PDF

— Data Source: FDIC. Click on selected PDF file to read the FDIC order.


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