With the failure of American Marine Bank on Bainbridge Island becoming Washington State’s third bank failure of 2010 on Friday, I thought it would be interesting to take another look at our state’s troubled banks.
The following charts are based on data from the FDIC, the NCUA, and Calculated Risk’s latest Unofficial Problem Bank List (updated 01/29).
First up, here’s a map of all of Washington State’s banks and credit unions. For the banks, troubled banks are in red, non-troubled are in green. The size of each circle represents the total assets of each institution:
Next, here’s a visual of where our state’s troubled banks are located. Washington’s twenty-five troubled banks are only spread through eight counties, with the bulk of the problem centered in King, Snohomish, and Spokane counties.
Spokane County has only two troubled banks, but with the biggest in the state based there (Sterling), the size of the problem is somewhat overwhelming. 37% of Washington’s banks (by size) are currently on the unofficial problem bank list. 40% of that total is Spokane-based Sterling. The next-largest troubled bank in Washington is Everett-based Frontier (who recently posted a $34 million Q4 loss), representing just 13% of the assets in troubled banks.
Also, if you’d like to play with a full-screen version of the map that allows the selection of multiple counties, you can do that here.