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Money and Markets: Investing Insights

Weiss Ratings: Newest Bank Failures Found to be “Weak” by Weiss as Early as Three Years Ago

JUPITER, Florida (November 22, 2010) — On Friday, regulators closed three banks: Gulf State Community Bank of Carrabelle, Florida; Allegiance Bank of North America of Bala-cynwyd, Pennsylvania; and First Banking Center, Burlington, Wisconsin. The total number of U.S. bank and thrift failures now stands at 149 for the year.

Gulf State Community Bank of Carrabelle, Florida, south of Tallahassee, with assets of $117 million at June 30, 2010 had been rated E- (“Very Weak”) for the previous four quarters by Weiss Ratings and was first identified as “Weak” in September 2007 based on second quarter 2007 data. The bank reported a loss of $2.7 million through June 30, 2010. Gulf State also had well below-FDIC-mandated Tier 1 (5%) and Risk-Based Capital (6%) ratios of 0.76% and 2.09%, respectively. Nonperforming loans made up 12% of its loan portfolio.

Allegiance Bank of North America located in Bala-cynwyd, Pennsylvania, near Philadelphia, with assets of $116 million as of June 30, 2010 had been rated E- (“Very Weak”) for the last five quarters by Weiss Ratings and was first identified as “Weak” in June 2008 based on first quarter 2008 data. The bank reported a loss of $2.7 million through June 30, 2010 after having reported a profit in the first quarter. Tifton had weakening capital ratios that were well below FDIC-acceptable levels and well below its peers with Tier 1 Capital at 2.74% and Risk-Based Capital of 5.63% through the second quarter of 2010. Nonperforming loans represented almost 8% of its loan portfolio with charge offs at 4.63% of average loans for the quarter ended June 30, 2010.

First Banking Center located in Burlington, Wisconsin with assets of $821.8 million, as of June 30, 2010 had been rated E- (“Very Weak”) for the last quarter by Weiss Ratings and was first identified as “Weak” in July 2009 based on first quarter 2009 data. The bank reported a loss of $21.4 million through June 30, 2010. First Banking Center had weakening capital ratios with well below FDIC-acceptable levels and well below its peers with Tier 1 Capital at 2.25% and Risk-Based Capital of 4.73% through the second quarter of 2010. Nonperforming loans made up 13.8% of its loan portfolio with charge offs at 1.97% for the quarter ended June 30, 2010.

Weiss Ratings, the nation’s independent provider of bank and insurance company ratings, accepts no payments for its ratings from rated institutions. It also distributes independent ratings on the shares of thousands of publicly traded companies, mutual funds, closed-end funds and ETFs.

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{ 1 comment }

liz Monday, November 29, 2010 at 6:42 pm

Wow… what a thing to keep hearing even as the holidays get closer…

Previous post: New phase of debt crisis! Striking NOW! Despite rescues!

Next post: Not much time left for year-end moves!

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Weiss Research, Inc., founded in 1971, has a long history of providing research and analysis designed to empower investors with information and tools to make more informed, independent decisions along with an equally long history of public service. [More »]