Sterling SavingsThe largest bank on last quarter's undercapitalized bank was Sterling Savings Bank of Spokane, Wash., which had $10.3 billion in total assets as of September 30 and is held by Sterling Financial ( STSA). Sterling Bank improved to well-capitalized as of September 30, with a Tier 1 leverage ratio of 10.19% and a total risk-based capital ratio of 16.77%, following the holding company's completion of its $730 recapitalization in August, which included large issuances of common shares to private equity investors Thomas H. Lee Partners and Warburg Pincus LLC and the conversion of $303 in preferred stock held by the U.S. Treasury Department for bailout funds received through the Troubled Assets Relief Program, or TARP, to common shares.
Hanmi BankHanmi Bank of Los Angeles also dropped from the Watch List after holding company Hanmi Financial ( HAFC) raised a net $116.3 million in common equity during July, of which $110 million was down-streamed to the bank. The bank's Tier 1 leverage ratio was 8.26% and its total risk-based capital ratio was 11.61% as of September 30. The holding company also expects to complete a deal to sell about $210 million in common shares to Woori Financial Holdings, which is based in Seoul, South Korea. Hanmi Bank had $2.96 billion in total assets as of September 30 and reported third-quarter net loss of $13 million. The nonperforming assets ratio was 6.90% as of September 30, compared to 8.75% in June and 5.37% in September 2009. The bank's third-quarter net charge-off ratio was 3.44% and loan loss reserves covered 7.35% of total loans at the end of the third quarter.
AnchorBank, FSBThird-quarter financial results weren't yet available for AnchorBank, FSB of Madison, Wis., or the thrift's holding company Anchor BanCorp Wisconsin ( ABCW), as of Thursday, however, the holding company previously announced that "based on the bank's internal financial reporting its capital ratio improved to 8.05% Total Risk Based Capital Ratio as of July 31, returning it to 'adequately capitalized' status and continues to be supported by a strong liquidity position, which exceeded $470 million as of July 31, 2010." On the holding company level, Anchor Bancorp previously reported being in a negative capital position, with a June 30 book value of negative $3.95 a share. On September 7, the holding company announced that AnchorBank had received conditional approval of its capital restoration plan from the Office of Thrift Supervision.
Capitol BancorpCapitol Bancorp ( CBC) of Lansing, Mich. is the only bank holding company with multiple subsidiaries on the Bank Watch List, including eight subsidiary banks in six states. The holding company had 62 separately-charted bank subsidiaries in 17 states at the end of 2009, and has reduced the number of subsidiaries to 25 this year, through sales of some subsidiary banks and mergers of others. As of June 30, Capitol Bancorp had 33 bank subsidiaries. The holding company's Tier 1 leverage ratio was 2.39% and its total risk-based capital ratio was 6.38% as of June 30. A company spokesperson told TheStreet on Friday that Capitol Bancorp expects to announce its third-quarter results "within a week and a half."
Thorough Bank Failure CoverageFlorida leads all states with 27 bank closures this year, followed by Illinois and Georgia with 16 failures each. All bank and thrift failures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map: The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2010 totals. Clicking on a state opens a detailed map pinpointing the locations and providing additional information for each bank failure.
Philip van Doorn. >To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn. >To submit a news tip, send an email to: email@example.com.