by Ben Bernanke
Reported – $23.8 Million for the quarter just ended 31MAY2010. Actually it’s closer to a $40 Million quarterly loss if you don’t count the $15.9 Mill Alpine took as a tax write off for the same quarter. (Click Here) for a copy of that short version FDIC report. Check the bottom of page 2 for proof of those numbers. Accountants and Bankers can (Click Here) for the complete FDIC.gov report.
What you’re not being told by our daily two newspaper fish wraps – is that the FDIC maintains a somewhat “secret” list of banks on their Troubled Bank Watch List. Obviously making that list public could cause a run on a bank – so the FDIC keeps that list to itself. What we can all monitor however, is whether a local bank stops making loans…a clear sign the FDIC has ‘put their finger’ on a bank and are forcing them to ‘fix’ their balance sheet – by reducing the number of ‘toxic assets’ (read: bad loans) that bank owns. Clearly, Alpine’s (good performing loans) record in this area not too favorable for the last 18 months.
Reportedly in 2009 (Click Here) Alpine took $70 Million in TARP/CCP funds to help their bank balance sheet – then. The Feds in return now reportedly own 10% of Alpine.
Add to this their $15.9 Mill tax write off in this most recent quarter – and you find the basis of why Alpine caught our attention this week. For a closer look at Alpine’s 2009 deposits and where they are (Click Here) for that FDIC report.
The good news? Reported to the ECT this week – Alpine has not stopped making loans…so far.
DISCLAIMER: The ECT gets it. It helps no one to have any of our local banks (in trouble) where our friends and neighbors work and have their home and business loans. Nor does the ECT mean to imply that “Alpine Bank leads Western Slope to Greece v2.0 Financial Status”. Our point simply this – a reasonable person needs to be informed about what is actually happening around them – so they can make better decisions about planning their future. So the ECT peppers our reports with [click-here] to let our readers decide for themselves who’s really working to inform the folks. Don’t worry about the ECT – unlike the VD & VM we’ll be just fine without advertising revenue from Alpine…we just wish Alpine would stop playing their sappy radio commercials.