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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.



Friday's 5 Failures to Cost Over Quarter Billion

Mirae Bank closed by California's DFI

June 29, 2009

By MortgageDaily.com staff


The closing of a Los Angeles bank brought to five the number of federally insured banks that failed Friday. In all, the government expects to lose more than a quarter billion dollars as a result of the five failures.

The California Department of Financial Institutions seized Mirae Bank, an announcement from the state late Friday said. The Federal Deposit Insurance Corporation was named receiver.

The state cited inadequate capital for the closing of the 98-employee bank.

"DFI has been closely monitoring the bank because of its inadequate capital level," the statement said. "The DFI had ordered it to increase its capital reserves to a safe and sound level, but efforts by the bank to do so were unsuccessful."

The Federal Reserve Board entered a formal written agreement with Mirae Bancorp on June 16, while the FDIC issued a cease-and-desist order on April 27.

The failure was the fifth Friday by state regulators. In addition to MetroPacific Bank -- which was also closed by California's Department of Financial Institutions -- Community Bank of West Georgia, Horizon Bank and Neighborhood Community Bank were seized by regulators in Georgia and Minnesota.

An FDIC news release, which was also released in Korean and traditional Chinese, indicated Mirae had $362 million in deposits as of May 29. Wilshire State Bank acquired all of the failed institution's deposits.

Mirae's assets totaled $456 million as of May 29 -- including just $2 million in residential assets, $239 million in commercial mortgages and $1 million in construction-and-land-development loans as of March 31. Wilshire agreed to purchase around $449 million of the seven-year-old bank's assets, with the FDIC sharing in the losses on $341 million of the assets.

The FDIC expects the failure to cost its Deposit Insurance Fund $50 million. The cost for all of Friday's failures is expected to be around $264 million.

So far during 2009, 45 FDIC-insured banks have failed.

A week earlier, Cooperative Bank in North Carolina was shut down. Most of its assets and deposits were acquired by First Bank. The failed institution's subsidiary, Lumina Mortgage Co., was closed last week by new owner First Bank, the Star-News reported. Just 10 employees were impacted by the closing.

Including Lumina, MortgageDaily.com has tracked 87 mortgage-related failures during 2009.
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