Credit Writedowns » regionals

The Economy’s Vicious Cycle for Michigan Banks and Business

Edward Harrison — Mon, 15 Mar 2010 00:54:32 +0000

The video below from the Wall Street Journal gets at the heart of why the bailouts have been so toxic for the economy. Banks, still laden with existing bad loans to small businesses, are unwilling to make new ones. Businesses, unable to receive credit, cannot expand or must downsize. This in turn puts a squeeze

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Unprecedented moral suasion from regulators on small businesses lending

Edward Harrison — Fri, 05 Feb 2010 15:38:47 +0000

Today, I received a press release from the complete list of federal government regulators of the financial industry which all but ordering banks to lend to small businesses. Clearly, regulators are concerned as comments by Marc Chandler intimated in my last post. The regulators supporting the press release were the following: The Board of Governors

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Short sale fraud

Edward Harrison — Wed, 20 Jan 2010 22:28:25 +0000

CNBC’s Diana Olick has the breaking story on alleged fraud in the mortgage industry. She has been writing about this for a few days now. See Big Banks Accused of Short Sale Fraud – Realty Check with Diana Olick at CNBC’s website. Basically, second liens on properties like home equity loans have a blocking interest

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It’s a wonderful life: move your money

Edward Harrison — Fri, 01 Jan 2010 20:25:12 +0000

I have been largely silent about the recent populist call to arms by Arianna Huffington and Rob Johnson. The duo advise Americans to withdraw their money from bank accounts at too-big-to-fail financial institutions and deposit them in a community bank. And they present a comprehensive list of community banks vetted by star bank analyst Chris

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Community banks risk averse ahead of Obama meeting

Edward Harrison — Thu, 24 Dec 2009 02:58:56 +0000

This clip will give you a better indicator of small lenders’ agenda as they met with the President to talk about expanding lending. The only commentary I would note is the desire by the IBCA President to allow the FDIC to keep its regulatory role. See also Community Bankers Meet With Obama as Regulation Fight

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AmTrust Bank seized by regulators after asset stripping

Edward Harrison — Fri, 04 Dec 2009 23:41:10 +0000

You kind of knew this was going to happen. Given the fact that AmTrust Financial, the holding company filed bankruptcy (see my story here) after a bit of asset stripping, the FDIC was forced to come in and seize the banking subsidiary which was woefully undercapitalized. The FDIC press release says: AmTrust Bank, Cleveland, Ohio,

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Bank failures in Georgia crushing small business and home owners

Edward Harrison — Thu, 03 Dec 2009 15:56:01 +0000

Recently, I have been writing a lot about regional banks and the capital problems they have been having. This is having a direct impact on lending capacity available to small and medium sized businesses (SMEs) and households. As a result, a lot of workers are losing jobs in these smaller enterprises. And the unemployment statistics

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Privately-owned AmTrust’s bankruptcy a bad sign for regionals

Edward Harrison — Wed, 02 Dec 2009 19:35:55 +0000

AmTrust Financial, a privately held regional bank holding company based in Cleveland, has just filed for bankruptcy. With well over $10 billion in assets, AmTrust Bank is fairly large. The circumstances surrounding its failure are unusual in that the Bank Holding Company (BHC) has filed for bankruptcy but the banking subsidiary is still operating. The

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The small bank – big bank dichotomy

Edward Harrison — Wed, 18 Nov 2009 20:16:05 +0000

After a huge fall off in credit consistent with the fall in nominal GDP, we are seeing credit stabilise at a lower level. Debt to GDP ratios may not be lower, but as GDP is lower, so too is credit in the system. Yet there is a large difference between the haves and the have-nots,

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Ms. Watkins, why does Charlie have lit dynamite?

Edward Harrison — Wed, 21 Oct 2009 12:10:00 +0000

You are a teacher at a local primary school. Each school day you and some of your colleagues watch over the children at the school playground to make sure all of the children follow the rules and keep their hands to themselves. Your role is to keep the children safe. Mind you, this is a

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How big banks earned so much money this quarter

Edward Harrison — Wed, 22 Apr 2009 14:46:54 +0000

We are a few weeks into earnings season and it should be abundantly clear that financial institutions are firing on all cylinders. In fact, financials are leading the broader market for the first time since 1993. Yet, loan losses have been absolutely enormous. What gives? The Great Giveaway is the essence of recent market performance

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Meredith Whitney: Regardless of stress tests, banks will still need more capital

Edward Harrison — Tue, 21 Apr 2009 13:11:02 +0000

The Bloomberg video below makes it seem that Whitney believes the stress tests are a sham. She says the tests are a theoretical exercise whereby banks ask: “what will our earnings power be in two years after we sell off these ‘toxic’ assets?” She goes on to suggest that the answer to this question will

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Community banks getting no love in this crisis

Edward Harrison — Fri, 27 Mar 2009 16:47:14 +0000

Recently, I posted a Wall Street Journal article that suggested smaller banks and new banking enterprise can supply the lion’s share of additional credit needed for the U.S. banking system. While President Obama is off meeting the heads of the big banks, we should keep in mind that there are other institutions out there that

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Revisiting regional banks

Edward Harrison — Wed, 14 Jan 2009 19:33:25 +0000

As you know from reading my blog, I am expecting a lot of writedowns from regional banks as real estate loans sour. In fact, I expect a number of bankruptcies because of defaults in commercial real estate where much exposure is hidden. Below is a clip of Bain Slack of Keefe Bruyette & Woods, who has a few words to say about the regionals, especially in the Southwest. Take a look

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Nationalized banking predators

Edward Harrison — Mon, 27 Oct 2008 19:40:00 +0000

As with everything else, the bailout of the U.S. banking system is going to have unintended consequences. One of them seems to be giving exactly those firms that wasted billions of shareholder money a chance to double down. Flush with government money, these busted financial companies may just go on a shopping spree sponsored by

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National City sold

Edward Harrison — Fri, 24 Oct 2008 13:21:00 +0000

PNC, down only 13% this year-to-date, very good for a bank stock, is acquiring beleaguered Ohio bank NCC for $5.5 billion. The price represents a huge discount to the prevailing market price before open today and NCC was down 34% in early trading. PNC is issuing $7.7 billion in stock and warrants to the U.S.

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Sovereign Bancorp: Santander looking to buy regional bank

Edward Harrison — Mon, 13 Oct 2008 01:50:00 +0000

Spanish banking giant Banco Santander has pulled through the credit crisis with a much higher profile than ever before. I was initially skeptical that the firm was hiding huge losses at it had exposure in Spain, the UK and the US, all terrible bubble markets. Yet, it has seemed to come through swimmingly and is

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National City gets approval to raise cash

Edward Harrison — Mon, 15 Sep 2008 17:49:00 +0000

Updated 535PM EST on 16 Sep 2008 to reflect information from this press release:National City Completes $7 Billion Capital Raise While all eyes were focused on Lehman Brothers this weekend, many other players were making their moves to shore up their own balance sheets in order to avoid the critical situation which felled Lehman. Merrill

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Brace yourself!

Edward Harrison — Mon, 15 Sep 2008 10:33:00 +0000

In case you missed it, the financial system in the U.S. is near collapse. This weekend was unbelievable. Lehman Brothers filed for bankruptcy. The world’s largest insurer AIG is looking for the Fed to help it avoid collapse and Merrill Lynch was forced to close a deal with Bank of America to save it’s own

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Regionals options suffer due to accounting rules

Edward Harrison — Wed, 10 Sep 2008 15:00:00 +0000

Seven years ago, I was involved in a merger that was the last proposed under the old pooling of interests accounting rule that was phased out after June 30, 2001. This methodology was great because it didn’t necessitate acquiring companies to re-mark assets on the companies balance sheets to reflect impairment of intangible assets. Needless

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National City Faces `Informal’ Probe Tied to Lending

Edward Harrison — Fri, 08 Aug 2008 23:44:00 +0000

National City is one of the regionals under the greatest pressure and scrutiny. This Friday afternoon announcement has to make deposit- and shareholders alike very nervous. National City Corp., Ohio’s largest bank, said the U.S. Securities and Exchange Commission started an informal probe into the company’s lending and the sale of its subprime home unit

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What if a large US regional bank goes to the wall?

Edward Harrison — Mon, 28 Jul 2008 16:19:00 +0000

I fully anticipate this will happen, so the question becomes: what will the Fed do? The FDIC stepped in at two banks over the weekend, 1st National Bank of Nevada and First Heritage Bank. These banks failed as a result of construction loans in real estate bust regions of the US. No, surprise there. This

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FDIC steps in at two more failed banks

Edward Harrison — Sat, 26 Jul 2008 07:25:00 +0000

1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California were taken over by the FDIC on Friday. They always wait until Friday night to do their business. This marks the first FDIC closure action since the FDIC closed the much bigger IndyMac. Bad loans to developers and home builders

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Too big to fail?

Edward Harrison — Tue, 22 Jul 2008 13:13:00 +0000

Recently, the SEC restricted short selling on a list of 19 stocks because of turmoil following the Fannie-Freddie worries last week. In effect, the SEC was signaling that these institutions are too big to fail because a number of these companies were not subject to rumors of massive losses while a number of institutions not

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Regional banks are suffering

Edward Harrison — Tue, 22 Jul 2008 13:12:00 +0000

In the aftermath of the Meltdown of the GSEs and the heavy-handed regulatory solution used to stem the tide, regional banks are in focus for investors as they stand to the take the brunt of short-selling. Financial services bears know full well that the regionals are not too big to fail. No one is coming

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The regionals versus money center banks

Edward Harrison — Tue, 15 Jul 2008 09:00:00 +0000

As financial shares take a beating, it is a good opportunity to highlight the differential treatment of accounting for loans and for debentures and securities because this bodes ill for regional banks. FAS 157 The crux of the difference in how loans are treated for accounting purposes and how debentures/securities are treated comes from FAS

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Market turmoil confirms FDIC’s tough position

Edward Harrison — Mon, 14 Jul 2008 17:57:00 +0000

Looking at today’s selling wave, a number of bank shares are down over 10% including Washington Mutual (WM), National City (NCC), Wachovia (WB), Zion (ZION). Many other shares are trading well into negative territory with share prices below $10 including KeyCorp (KEY), Fifth Third (FITB), Dearborn (DEAR), and Huntington Bancshares (HBAN). These are very large

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Fifth Third looking to sell assets

Edward Harrison — Wed, 25 Jun 2008 18:54:00 +0000

Troubled regional Financial Fifth Third is looking to sell assets along with cutting its dividend and raising capital in order to shore up its balance sheet. The company announced it was looking into asset sales when it announced its dividend cut and capital raising intentions. However, Barron's has a piece today speculating on just which assets those could be

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CIBC to write down another $1B: analyst

Edward Harrison — Mon, 23 Jun 2008 18:15:00 +0000

This from the National Post. The note from Blackmont analyst Brad Smith followed news late on Friday that Moody’s Investors Service had downgraded XL Capital Assurance. CIBC has exposure to XL Capital since the bond insurer provides it with guarantees on some investments. “Based on this downgrade and XLCA’s credit default swap spreads … we

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New Crisis Threatens Healthy Banks

Edward Harrison — Mon, 23 Jun 2008 10:00:00 +0000

The Washington Post has a story on regional and healthy banks that I highly recommend. Essentially, we are past the first wave of writedowns and are moving into phase two where it won’t be about derivatives and RMBS’s as much as underlying loan losses and collateral damage in commercial property and construction loans. In the

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Fifth Third to raise $2 billion

Edward Harrison — Wed, 18 Jun 2008 13:16:00 +0000

and cut dividend. Regionals across the country are now suffering. The second leg down for financials has truly begun. I warned on Fifth Third this past Thursday in What’s happening at Fifth Third? See new story here. Update: 9:19 EDT Fifth Third to raise $2 billion in capital, replaces chairman, MarketWatch, 18 Jun 2008 Fifth

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Regional banks: Zions falls

Edward Harrison — Tue, 17 Jun 2008 17:08:00 +0000

From Bloomberg News: Regional Banks Tumble Zions, the lender with operations in 10 Western U.S. states, tumbled 10 percent to $33.44 for the steepest decline in the S&P 500. “Weakness” in residential construction and land values in the Southwest will harm loans and is “expected to persist into 2009,” the lender said in a presentation

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Regional banks: examples of risk from SoCal

Edward Harrison — Tue, 17 Jun 2008 13:16:00 +0000

Regional banks have not suffered the writedowns suffered by the major banks and investment banks due to their lack of derivatives exposure. But, loose lending standards are starting to bite. The LA Times has an excellent story out, which details how the community or regional banks will be affected by the housing slowdown. Notice, it

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KeyCorp craters after dividend cut

Edward Harrison — Fri, 13 Jun 2008 00:41:00 +0000

This morning, I posted a blog entry regarding KeyCorp’s wise decision to cut its dividend and to raise capital. They paid the price in the market today, sinking to a 17-year low below $12.00 a share and down 24% on the day. Shares of KeyCorp sank to the lowest level in almost 17 years, following

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What’s happening at Fifth Third?

Edward Harrison — Thu, 12 Jun 2008 23:45:00 +0000

Fifth Third, the Cincinnati-based regional lender, has been tanking of late. Today, it was down another 4% to close at a 12-year low. “Shares of Fifth Third Bancorp touched a 12-year low Thursday as capital concerns continued to swirl around the banking sector. The stock fell 65 cents, or 4.2 percent, to close at $14.69,

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What’s happening at Fifth Third? originally appeared on Credit Writedowns

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