Recent EventsHere are some events involving undercapitalized institutions that are subsidiaries of publicly traded holding companies: On Monday, McIntosh State Bank of Jackson, Ga., which is a subsidiary of McIntosh Bancshares ( MITB), announced the cancellation of two "salary continuation and retirement agreements" with an officer and a director of the bank, resulting in pre-tax savings of $641 thousand. On January 20, Charter Oak Bank ( CHOB) of Napa, Calif. announced that shareholders had approved the bank's agreement to merge with Bay Commercial Bank ( BCML) of Walnut Creek California, in an all-stock transaction at a value of $2.3 million, or $1.23 a share, according to SNL Financial. The deal was announced on November 1, and represented a 60% premium from Charter Oak's closing price of 77 cents a share on October 29. The merger is expected to be completed during the first quarter. Royal Palm Bank of Florida, is held by Mercantile Bancorp ( MBR) of Quincy, Ill. The holding company announced in late December that it had identified a "material weakness" in its reporting and would restate its third-quarter results to an additional $16.3 in noncash losses and an additional deferred tax assets valuation allowance of $10.1 million. These moves were expected to reduce the holding company's capital ratios, and the company was "working with its financial advisors and legal counsel in assessing its strategic and capital-raising options." Treaty Oak Bancorp ( TOAK), which holds Treaty Oak Bank of Austin Texas, agreed in September to sell the bank to Carlile Bancshares of Fort Worth, Texas for $835 thousand, after which Carlile will recapitalized the bank by making an additional investment of $8.8 million.
Thorough Bank Failure CoverageAll 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 2008-2011 totals. Clicking on a state opens a detailed map pinpointing the locations and providing additional information for each bank failure.
Philip van Doorn.