October 3, 2013 – January 12, 2014

In the late 1960s and early 1970s, when the Imagists exhibited in Chicago and abstract painting held sway in New York, a distinct strain of avant-garde and conceptual art emerged in California.

The state was an incubator of social change and counter-culture that attracted artists seeking alternatives to traditional modes of art making. California’s distance from commercial galleries and the art-world press also gave artists greater freedom to experiment as they challenged the definition of art, the role of the artist, and the academic and institutional structures of the art world.

Organized as part of the landmark Pacific Standard Time initiative by the University of California, Berkeley Art Museum and Pacific Film Archive (BAM/PFA) and the Orange County Museum of Art, State of Mind: New California Art circa 1970 is the first in-depth survey of conceptual art in California. It examines this formative period and the enduring legacy it has left for succeeding generations of artists. It includes the work of sixty artists and collectives, including Ant Farm, John Baldessari, Chris Burden, Lynn Hershman, Bruce Nauman, Martha Rosler, and Ed Ruscha. Organized thematically, the exhibition showcases more than 150 works of art—installations, photographs, videos and films, artists’ books, and extensive performance documentation—that demonstrate the critical role of California artists in the development of conceptual art and other new genres.

Artists

Bas Jan Ader, Terry Allen, Ant Farm, Eleanor Antin, Asco, Michael Asher, John Baldessari, Gary Beydler, Nancy Buchanan, Chris Burden, Paul Cotton, Robert Cumming, Peter d’Agostino, Lowell Darling, Guy de Cointet, Robert Cumming, Morgan Fisher, Terry Fox, Howard Fried, Charles Gaines, David Hammons, Helen Mayer Harrison and Newton Harrison, Mel Henderson, Joe Hawley, Lynn Hershman, Douglas Huebler, Stephen Kaltenbach, Allan Kaprow, Robert Kinmont, John Knight, Paul Kos, Suzanne Lacy, Stephen Laub, William Leavitt, Fred Lonidier, Mike Mandel, Tom Marioni, Paul McCarthy, Jim Melchert, Susan Mogul, Linda Mary Montano, Bruce Nauman, Martha Rosler, Allen Ruppersberg, Ed Ruscha, Sam’s Café, Darryl Sapien, Ilene Segalove, Allan Sekula, Bonnie Sherk, Alexis Smith, Barbara Smith, Larry Sultan, T.R. Uthco, Ger van Elk, William Wegman, John Woodall, and Alfred Young.

About

State of Mind: New California Art Circa 1970 is an exhibition curated by Constance Lewallen and Karen Moss, and co-organized by the Orange County Museum of Art and the University of California, Berkeley Art Museum and Pacific Film Archive. The tour is organized by Independent Curators International (ICI), New York, and is made possible, in part, by the Andy Warhol Foundation for the Visual Arts, the Horace W. Goldsmith Foundation, Video Data Bank, Electronic Arts Intermix (EAI), and with the generous support of Robert Redd, LLC, and the ICI Board of Trustees.

Above: Robert Kinmont, 8 Natural Handstands (detail), 1969/2009, Nine silver gelatin prints, each: 8 x 8 in/ 21.5 x 21.5 cm. Photo: Joerg Lohse. Image courtesy Alexander and Bonin, New York.
 

Author Joel Jerome (who is also a comedian and rapper) has been collecting cheetos off and on since he was a kid, and has some cheetos in his collection that are over 25 years old. Over the last few years Joel has perfected his technique of taking pictures of cheetos and building backgrounds around them that seem to bring the snack to life, and help viewers see what he has intended for them to see. Joel seems to capture every detail in these orange fried snacks so you can actually see faces and body parts in his art. Joel has a special unique talent that truly redefines art by expanding the limits of your imagination while changing the way that you will forever look at this classic American snack.

Starting April 24, 2013 Joel will start a 30 day cheeto strike, only eating cheetos for that time to raise money for his art and movie CheetoFreak. This event will be broadcast and featured at the website http://www.Cheetofreak.com.

February 13 – June 15, 2014

During the Qing dynasty (1644–1911), Chinese passion for opera and theater permeated the visual and material world of everyday life. Opera was at the heart of Chinese social life, from the village to the court, and the spectacle of theater was found not only on the stage—in costumes, props, and face painting—but also across the full spectrum of Chinese visual culture, from scroll paintings to popular prints.

One of the first major exhibitions of its kind in the West, Performing Images focuses on the vibrant imagery, rather than ethnographic artifacts, of Chinese opera. The exhibition examines the extent to which operatic characters and stories were represented in pictorial and decorative motifs in a wide array of media including ceramics, illustrated books, painted fans, prints, photographs, scroll paintings, and textiles. Featuring an array of remarkable objects on loan from major museum collections, the exhibition and its catalogue reveal how Chinese visual and performing traditions were aesthetically, ritually, and commercially intertwined.

Curators

Judith T. Zeitlin, Professor of East Asian Languages and Civilizations and Theater and Performance Studies at the University of Chicago, and Yuhang Li, Assistant Professor of Art History at the University of Wisconsin (fall 2013), in consultation with Richard A. Born, Smart Museum Senior Curator.

LiquidSpill.com joins 2013 Chicago Comic & Entertainment Expo
Mac Repair Service Reaches out to Target Audience
Chicago, IL – LiquidSpill.com announced today that they will be setting up a Premium Booth at the 2013 Chicago Comic & Entertainment (C2E2) Expo on April 26-28th. The C2E2 is being held in the West Building at McCormick Place located at 2301 S. Lake Shore Drive in Chicago, Illinois. LiquidSpill.com will be located in booth 1202.

About the C2E2

Founded in 2010, The Chicago Comic & Entertainment Expo – also known as C2E2 – is a convention spanning the latest and greatest from the worlds of comics, movies, television, toys, anime, manga and video games. Bringing the best of popular culture to Downtown Chicago, C2E2’s show floor is packed with hundreds of exhibitors, panels and autograph sessions giving fans a chance to interact with their favorite creators and screening rooms featuring sneak peeks at films and television shows months before they hit either the big or small screen. Visit c2e2.com for more information.

The C2E2 is open to the public:
Friday, April 26, 2013 - 11:00 AM – 10:00 PM
Saturday, April 27, 2013 - 11:00 AM – 10:00 PM
Sunday, April 28, 2013 - 11:00 AM – 5:00 PM

About LiquidSpill.com

Founded in 2008, LiquidSpill.com has become the national leader in liquid spill MacBook repair solutions. The company provides free FedEx shipping, allowing their customers to send their MacBooks to their Apple-certified technicians were they repair it and send it right back. The company has offices in Washington, D.C., and Chicago, IL for added customer support.

Contact
LiquidSpill.com
John LaLoggia, Marketing Director
312-506-8815
john@liquidspill.com

September 3 – December 8, 2013

Wings are prevalent in a wide range of Renaissance representations, from figures (angels, winged cherubs, and mythological gods) to animals (eagles, griffins, and winged horses). The multiple iconographies of wings during this period drew on allegorical, cosmological, and religious symbols inherited from both Christian and ancient Near Eastern mythologies. 

Drawing on the Smart Museum’s permanent collection, with selected loans from the University of Chicago’s Library and the Oriental Institute, this intimate exhibition examines the Renaissance fascination with wings as symbols of speed and power through the influential histories of flight derived from the bird cult of Horus in ancient Egypt to the circulation of winged creatures in prints by Albrecht Dürer and others.

Curator

Iva Olah, Mellon Foundation Curatorial Intern at the Smart Museum and PhD student at the University of Chicago, in consultation with Anne Leonard, Smart Museum Curator and Associate Director of Academic Initiatives.

Presented in the Joel and Carole Bernstein Gallery.

Above: Peter Flötner, Mars as a Sign of the Zodiac, c. 1540, Cast gilt bronze plaquette. Smart Museum of Art, The University of Chicago, Purchase, The Cochrane-Woods Collection, 1977.115.
 

December 17, 2013 – March 16, 2014

This exhibition will trace the relationship between the emerging generation of avant-garde movements in 1950s France and the surrealist movement, re-established in Paris after the war.

The social milieu of the Left Bank offered rich material for artists to map social and psychological experience by tracing quotidian itineraries and social interactions. These contesting visions of the relationship between interior and exterior life in art represent a tense exploration of the location of the personal and the political within reconstruction-era France. Interiors and Exteriors features an array of artworks and artists’ publications from the Smart’s collection as well as the University of Chicago and Northwestern University libraries. A related film, performance, and lecture series will explore these topics throughout the year.

Curators

Jennifer Cohen and Marin Sarvé-Tarr, PhD students at the University of Chicago, in consultation with Anne Leonard, Smart Museum Curator and Associate Director of Academic Initiatives. 

Presented in the Joel and Carole Bernstein Gallery for Works on Paper.

March 25 – June 15, 2014

For centuries, depicting the body has been essential to practitioners of art as well as medicine. Drawing the human form is a fundamental component of art pedagogy, while medical doctors have long relied on anatomical illustrations to understand what goes on inside the body. Yet the advent of advanced imaging technology now allows us to see structures and processes that were long inaccessible to the eye, taking away the artist’s “hand” and reducing the role of subjective imagination. 

Organized by three physicians at the University of Chicago, this exhibition gathers images of the body from a range of historical periods and considers the extent to which they conform to established representational conventions or seem instead to reflect the artist’s own observations or expressive goals. Other themes to be considered are the enduring role of figure drawing in academic art study; the “posing” of bodies for artistic and diagnostic ends; the oscillation between abstraction and realistic detail; and the special emphasis on the hand, which comes into prominent focus as a symbol of dexterity and skill (whether the artist’s or the surgeon’s).

Related exhibitions

Imaging/Imagining will be presented concurrently with two related exhibitions at the University of Chicago Library’s Special Collections Research Center and the John Crerar Library.

Curators

Mindy Schwartz, MD, Associate Professor of Medicine, and Brian Callender, MD, Assistant Professor of Medicine at the University of Chicago’s Pritzker School of Medicine, with Kelly Nicholas, MD, PhD, Associate Professor of Neurology and Surgery at the University of Chicago Medical Center, in consultation with Anne Leonard, Smart Museum Curator and Associate Director of Academic Initiatives.

Presented in the Joel and Carole Bernstein Gallery for Works on Paper.

Above: Attributed to Louis De Boullogne the Younger, Reclining Male Nude, c. 1700–1710, Black chalk heightened with white chalk on blue wove paper. Smart Museum of Art, The University of Chicago, Purchase, Gift of the Friends of the Smart Gallery, 1988 and Mrs. George B. Young, 1988.69.
 

May 7 – August 25, 2013

The achievement of Franco-Russian painter Serge Charchoune (1889–1975) is among the least widely known or understood in twentieth-century European art.

Sometimes seen as a minor practitioner of major modernist styles—Dada, Cubism, Purism, informal abstraction—Charchoune in fact operated quite independently within and beyond those tendencies. He was an unpredictable individualist, who in his resistance to stylistic conformity and his ambiguous relationship to taste presages a strain of post-conceptual painting only fully recognized toward the turn of the twenty-first century.

Organized by the Talbot Rice Gallery at the University of Edinburgh, Other Modernisms is a concise survey, comprising around twenty works from the 1920s to the 1970s, carefully selected to demonstrate Charchoune’s diversity, uniqueness, and current relevance. The majority of the works are paintings, with a few works on paper and one livre d’artiste.

Curators

Other Modernisms is curated by Merlin James, an artist, writer, and curator, and by David Schutter, Assistant Professor of Visual Arts, The University of Chicago, in consultation with Richard A. Born, Smart Museum Senior Curator. 

Top: Serge Charchoune, Grossissement, 1927, Oil on canvas.
 

September 17, 2015 – January 17, 2016

The group postwar artists nicknamed the Monster Roster established the first unique Chicago style. Spearheaded by Leon Golub, the group created deeply psychological works that drew on classical mythology, ancient art, and a shared interest in what one critic has called “the figure under stress.” Indeed, the fiercely independent Monster Roster artists persisted in depicting the figure during a period in which abstraction held sway in international art circles.

This is the first major exhibition to examine the history and impact of the Monster Roster, which has been overlooked despite being one of the most important Midwestern contributions to the development of American art. It examines not only the complex aesthetics and personal styles of Golub and his compatriots—including Cosmo Campoli, June Leaf, Dominick Di Meo, Seymour Rosofsky, and Nancy Spero, among others—but also uncovers the Monster Roster’s relationships with preceding generations of Chicago artists and influences on the well-known Chicago Imagists who followed. Monster Roster brings together major paintings, sculpture, and works on paper from the Smart Museum and other major public and private collections in order to provide the authoritative account of the movement, from the formation of Exhibition Momentum in 1948 to the group’s dispersal in the mid 1960s.

Curators

John Corbett and Jim Dempsey, independent curators and owners of Corbett vs. Dempsy Gallery, Chicago, with Jessica Moss, Smart Museum Associate Curator of Contemporary Art, and Richard A. Born, Smart Museum Senior Curator, serving as coordinating curators.

Continue Reading:

The Land Beneath Our Feet: American Art at the Smart Museum

What sets www.MeetAt6.com apart from other dating sites is that it creates all the dates for subscribed members. Every week, a list of free and very fun ‘Date-Ups’ are posted via our member’s only newsletter. Each ‘Date Up’ showcases some of Chicago’s and other city’s best venues for subscribed members to RSVP and attend to make for the perfect date. Future cities include Miami, Atlanta, and LA before launching nationwide. “Plus, built-in Video-Chat capabilities coupled with group date settings, creates the best in safe online dating for women,” notes James Parker, Founder and CEO.

“Meeting someone through online dating and then meeting with them in person by your self can be exciting and scary at the same time,” says new member Alicia. She has a few not-so-pleasant stories while trying online dating or just bad dates in general. “However, I think meeting someone through online dating and then meeting them in a group setting with other singles provides you the opportunity to feel safe, excited, and more comfortable to really get to know the person, Alicia mentions.

The idea is to give members, particularly women, the feeling of safety and control when meeting someone through online dating and then on a first date. www.MeetAt6.com is easy and very similar to other dating sites. You can create great profiles, upload pictures and video, leave messages, make friends, and much more.

In Chicago, ‘Date Ups’ will include Lake Michigan cruises, live jazz, wine tastings, segway tours, dance lessons, museum outings, and many more. Specialized ‘Speed Dating’ events which are all free, will include different age groups, single parents, 50 and over, and other cool dating ideas.

“We believe there is someone for everyone. You just have to meet them. Now you can on MeetAt6.com,” Mr. Parker highlights.

###

If you’d like more information on MeetAt6 or to schedule an interview with James Parker, please call Diane Lewis at (312) 623-2176 or email at diane@meetat6.com or meetat6@yahoo.com

Evanston, IL February 28, 2013

 If Evanston had ever planned on staying the quaint, quiet Northern neighbor of Chicago, no one told John Tasiopoulos.Four years after opening a small family grill in Evanston, Tasiopoulos is about to complete his next neighborhood mom and pop shop all 14,000 square feet of it.

Set to open in mid to late March, 27 Live will be Evanston’s largest restaurant, lounge and live event venue. The restaurant, located at 10121014 Church St, will offer family-friendly dining with a rock n’ roll influence.The lounge and venue will offer small plates, craft beer and an array of international whiskey. The venue boasts a 22’ stage and will feature local and national shows on Friday and Saturday nights. By next year,27 Live aims to have live music and events four nights a week as well as expand blues and acoustic acts into the lounge.

Previously home to Carmen’s Pizza and Asado Steak House, 27 Live’s industrial rock feel stems from
months of stripping the buildings old layers. Tasiopoulos exposed brick walls, a sweeping metal staircase,wood trusses and concrete floors to create a loft-like space that is new to the Evanston scene. 27 Live is an urban restaurant and venue in a suburban setting.

The restaurant team is led by Chef Scott Donaldson (May Street Market, Spiaggia), who is putting an upscale twist on American comfort food. The seasonally-rotated menu features free-range poultry and locally sourced meat. In the kitchen, breads and pastas will be made from scratch while sausage and burgers will be ground in-house. Tasiopoulos’s philosophy lies in fresh selection, exceptional service, and a rocking atmosphere.

The focus on locally sourced ingredients extends beyond the kitchen. Tasiopoulos and bar manager Derrick
Hollin have created a bar menu that showcases locally produced spirits and beers from F.E.W., Koval,
Revolution Brewing and Goose Island. The distilling team at F.E.W. will have a custom bourbon barrel
featured on the 27 Live cocktail menu. Cocktails will be inventive and rotational to compliment the flavors of Donaldson’s menu.

Located less than 200 feet from both the Metra UP-N Davis stop and the CTA Davis Purple Line eL stop, 27
Live is easily accessible whether patrons live in Highland Park or Lincoln Park. ###

What people are saying about 27 Live:

 “Evanston’s boldest economic development of the year.”

Bob Seidenberg, Evanston Review

“While Evanston has long relied on SPACE for live music, 27 Live brings a decidedly
more rock vibe to town.”

Selena Fragassi, Northshore Magazine

 “ [27 Live] has all the makings to become a prime concert destination.”

Dave Miller, ChicagoConcertGoers.com

PRESS CONTACT: Jackie Olson

EMAIL: Jackie@27live.com

PHONE: 855-927-LIVE (5483)

                                                           1012-1014 Church Street, Evanston, IL 60201

FACEBOOK: facebook.com/27live

TICKETFLY: http://www.ticketfly.com/venue/604527live/

TWITTER: @27liveevanston

JCPENNEY ADDS FRESH FASHION THIS SPRING WITH LAUNCH OF JOE FRESH SHOPS AND NEW DESIGNER ATTRACTIONS

PLANO, Texas (Feb. 21, 2013) – jcpenney [NYSE: JCP] has teamed up with some of the world’s leading designers and brands to bring their styles to more Americans at an affordable price. In addition to the highly anticipated debut of Joe Fresh^™ in nearly 700 stores, Pearl by Georgina Chapman of Marchesa^™, L’Amour Nanette Lepore^™, William Rast^®, LULU by Lulu Guinness^™ and Duro Olowu for jcp^™ will join a growing portfolio of leading brands in stores across the country and jcp.com this spring. The new fashion lineup at jcp will be showcased in the spring marketing campaign that will launch during the Academy Awards on Feb. 24 as part of the company’s 12^th consecutive year as the exclusive retail sponsor.

“We want to become famous for irresistible style at incredible value every day,” said Ron Johnson, chief executive officer of jcpenney. “By introducing these exciting brands at truly affordable prices, we are making it easier for customers to look and live better every day.”

JOE FRESH

Joe Fresh, Canada’s favorite apparel brand known for its classic style with a twist, will soon be available in more locations across the U.S. Beginning March 15, the colorful spring collection of modern basics for women will be presented in 750- to 2,500-square-foot shops in nearly 700 jcp stores. All of the apparel and accessories will also be available on jcp.com for under $70, making it easy to mix, match and infuse the bright, high-quality pieces into any wardrobe.

“Building Joe Fresh shops inside jcp is a significant milestone because it makes us truly national, and now customers can buy Joe Fresh products online exclusively at jcp.com,” said Joe Mimran, creative director of Joe Fresh. “The ability to broaden our reach reinforces the Joe Fresh brand promise, which is rooted in the belief that everyone deserves fresh style at fresh prices.”

PEARL BY GEORGINA CHAPMAN OF MARCHESA

The highly coveted red carpet designer Georgina Chapman is bringing her design sensibility to jcp with the launch of Pearl by Georgina Chapman of Marchesa. The new collection, named after her daughter, captures the glamorous and elegant style of the designer and co-founder of Marchesa. Created for holiday parties, black-tie events, summer soirees and prom, the collection of gowns, cocktail dresses and cocktail pant and short sets feature sumptuous fabrics and surprising details offered at affordable prices ranging from $50 to $250. Pearl will be available in more than 500 stores on March 1, and the collection will be presented with stunning fixturing, including an elegant statement chandelier.

L’AMOUR NANETTE LEPORE

Known for her bold colors, evocative prints and feminine silhouettes, Nanette Lepore’s designs are adored by stylemakers and celebrities alike. Now she’s putting a fun, youthful twist on her signature style with her first juniors line available exclusively at jcp – and all for under $50. L’Amour Nanette Lepore offers easy to mix and wear dresses, denim, pants, skirts, tops and sportswear jackets that pop with vibrant and unexpected colors, patterns and fabrics. The young contemporary assortment is available in nearly 700 stores in a dedicated space adorned with a whimsical blue frame consistent with the fun, retro look of the collection.

WILLIAM RAST

Founded by Justin Timberlake and childhood friend Trace Ayala, William Rast has been offering iconic and edgy clothing since 2005 – and it’s now available exclusively for fashion forward men at more than 500 jcp stores and jcp.com. William Rast combines the heritage of American denim culture and biker attitude with a touch of old Hollywood, creating the brand’s unique romanticized rebel. It features an array of denim styles and premium washes as well as innovative fabrics, fits, textures and techniques. The collection also includes jackets, shirts, shorts and accessories – including wallets, belts, bags, hats and leather bracelets – all boasting quality attributes like finer yarns and genuine leather ranging in price from $12 to $250.

BOUTIQUE COLLECTIONS FROM GLOBAL DESIGNERS

After a successful holiday debut, British designer Lulu Guinness is bringing her colorful, cheeky style back to jcp this spring – and in a much bigger way. On Feb. 22, customers will find LULU by Lulu Guinness handbags and fashion accessories in more than 500 stores. The pieces are fun, flirty and available for $20 to $60.

Nigerian-born, London-based designer Duro Olowu is a celebrated print master who will be showcasing a multitude of patterns, hues and textures in a collection available at jcp for a limited time. Launching March 1, Duro Olowu for jcp is inspired by American classics with global flair and consists of more than 70 pieces in apparel, home and accessories, all of which retail for under $100.

These new additions are only the start of the exciting changes to come at jcpenney this spring. Over the next few months, customers will begin to see an entirely new transformation in Home that includes products from leading designers and experts such as Martha Stewart,Michael Graves, Jonathan Adler, Sir Terrance Conran and more.
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• QUOTES

  “We want to become famous for irresistible style at incredible value every day. By introducing these exciting brands at truly affordable prices, we are making it easier for customers to look and live better every day.”

  - Ron Johnson

  Chief Executive Officer, jcpenney

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The Sahmat Collective: Art and Activism in India since 1989

Original post:
Gigi Scaria: City Unclaimed

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Divine and Princely Realms: Indian Art from the Permanent Collection

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Renewal and Revision: Japanese Prints of the 1950s and 60s

Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency

The credit quality of large loan commitments owned by U.S. banking organizations, foreign banking organizations (FBOs), and nonbanks improved in 2012 for the third consecutive year, according to the Shared National Credits (SNC) Review for 2012. A loan commitment is the obligation of a lender to make loans or issue letters of credit pursuant to a formal loan agreement.

The volume of criticized loans remained high at $295 billion compared with levels before the financial crisis, but declined 8.1 percent from 2011. A criticized loan is rated special mention, substandard, doubtful, or loss.  

Reasons for improvement in credit quality included better operating performance among borrowers, debt restructurings, bankruptcy resolutions, and ongoing access to bond and equity markets.

Despite this progress, poorly underwritten loans originated in 2006 and 2007 continued to adversely affect the SNC portfolio. While the overall quality of underwriting of SNCs that were originated in 2011 was significantly better than in 2007, some easing of standards was noted, specifically in leveraged finance credits, especially compared with the relatively tighter standards present in 2009 and the latter half of 2008. Refinancing risk eased during the past year as 37.1 percent of SNCs will mature over the next three years compared with 63.4 percent for the same time frame in the 2011 SNC Review. 

The federal banking agencies expect banks and thrifts to originate syndicated loans using prudential underwriting standards, regardless of their intent to hold or sell them. SNCs that are poorly underwritten will be subject to regulatory criticism or classification during annual SNC reviews. The federal banking agencies expect to finalize revised guidance on leveraged lending to form the basis of the agencies’ supervisory focus and review of supervised financial institutions involved in leveraged lending.    

Although nonbank entities, such as securitization pools, hedge funds, insurance companies, and pension funds, owned the smallest share of loan commitments, they owned the largest share (62.4 percent) of classified credits (rated substandard, doubtful, or loss).

In other highlights of the review:

• Total SNC commitments increased 10.6 percent from the 2011 review to $2.79 trillion. Total SNC loans outstanding increased $125 billion to $1.24 trillion, an increase of 11.2 percent.
• Criticized assets represented 10.6 percent of the SNC portfolio, compared with 12.7 percent in 2011.
• Classified assets declined 8.8 percent to $196 billion in 2012 and represented 7 percent of the portfolio, compared with 8.5 percent in 2011.
• Credits rated special mention, which exhibited potential weakness and could result in further deterioration if uncorrected, was largely unchanged at $99 billion in 2012, representing 3.6 percent of the portfolio.
• Adjusted for losses, nonaccrual loans declined to $81 billion from $91 billion, an 11.1 percent reduction.
• The distribution of credits across entities–U.S. banking organizations, FBOs, and nonbanks–remained relatively unchanged. U.S. banking organizations owned 43.2 percent of total SNC loan commitments, FBOs owned 36.9 percent, and nonbanks owned 19.8 percent. The share owned by nonbanks declined for the second consecutive year. Nonbanks continued to own a larger share of classified (62.4 percent) and nonaccrual (66.4 percent) assets compared with their total share of the SNC portfolio. Institutions insured by the Federal Deposit Insurance Corporation owned 13.4 percent of classified assets and 9.5 percent of nonaccrual loans.
• The media and telecommunications industry group led other industry groups in criticized volume with $66 billion. Finance and insurance followed with $34 billion, then utilities with $30 billion. Although these groups had the largest dollar volume of criticized loans, the three groups with the highest percentage of criticized loans were entertainment and recreation (28.3 percent), media and telecommunications (24.6 percent), and transportation services (22.7 percent).  Each of these industry groups saw declines in the share of criticized loans from a year ago.

The SNC program was established in 1977 to provide an efficient and consistent review and analysis of SNCs.  A SNC is any loan or formal loan commitment, and any asset such as real estate, stocks, notes, bonds, and debentures taken as debts previously contracted, extended to borrowers by a federally supervised institution, its subsidiaries, and affiliates that aggregates to $20 million or more and is shared by three or more unaffiliated supervised institutions. Many of these loan commitments are also shared with FBOs and nonbanks, including securitization pools, hedge funds, insurance companies, and pension funds.

In conducting the 2012 SNC Review, agencies reviewed $811 billion of the $2.79 trillion credit commitments in the portfolio. The sample was weighted toward noninvestment grade and criticized credits. The results of the review are based on analyses prepared in the second quarter of 2012 using credit-related data provided by federally supervised institutions as of December 31, 2011, and March 31, 2012.

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