Four of the failed institutions were included in TheStreet.com's list of 116 undercapitalized banks and thrifts, which was based on second-quarter data.
Of the 89 institutions on a previous list published by TheStreet.com in late May, 39 have failed.
All previous bank failures since the beginning of 2008 are detailed on TheStreet.com's interactive Bank Failure Map.
First Bank of Kansas CityTheStreet.com Ratings had assigned First Bank of Kansas City an E-minus (Very Weak) financial strength rating back in December, which was a downgrade from an E the previous quarter. The small commercial lender rapidly deteriorated during the first half of 2009. Nonperforming assets, including loans past due 90 days or more or in nonaccrual status, made up 17.68% of total assets as of June 30. A second-quarter loss of $1.3 million left First Bank critically undercapitalized as of June 30, with a Tier 1 leverage ratio of 1.81% and a total risk-based capital ratio of 3.73%. These ratios need to be at least 5% and 10%, respectively, for most banks and thrifts to be considered well capitalized under regulatory capital guidelines. They need to be 4% and 8%, respectively, for most institutions to be considered adequately capitalized.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV