twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
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 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, has tracked 87 mortgage-related failures during 2009.
Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders