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.

Florida Bank First to Fail in 2011

Recent mortgage-related closings

Jan. 9, 2011

By staff

A Florida bank was the first casualty of the new year. A Pennsylvania bank, meanwhile, decided to shutter a mortgage banking operation with more than a hundred employees.

The Florida Office of Financial Regulation stepped in Friday and seized First Commercial Bank of Florida. The Federal Deposit Insurance Corp. took over as receiver and sold the failed institution to First Southern Bank.

First Commercial was founded in 1999. It employed 87 people. Its $599 million in assets included $51million in home loans, $278 million in commercial mortgages and $111 million in construction-and-land-development loans. Deposits were $530 million.

The Orlando-based company entered a formal agreement with the Federal Reserve in October. Another formal agreement was made with the Federal Reserve Bank of Atlanta, State of Florida Office of Financial Regulation in March 2010.

The FDIC agreed to share losses on $484 million of First Commercial. The resulting losses to its Deposit Insurance Fund are projected at $78 million. The deposits were picked up at par.

First Commercial was the first federally insured bank failure of 2011.

No. 2 was Legacy Bank, a 20-employee institution in Scottsdale, Ariz.

The six-year-old bank was closed Friday by the Arizona Department of Financial Institutions.

In May 2010, the FDIC issued a prompt corrective action against Legacy.

Enterprise Bank & Trust took over Legacy, paying a 1.0 percent premium for its $126 million in deposits and negotiating a $120 million loss-sharing agreement with the FDIC on the company's $151 million in assets. One- to four-family residential holdings were $38 million, commercial real estate assets were $18 million and C&D loans were $40 million.

FDIC losses from Legacy were predicted to come in at $28 million.

By the end of April, mortgage banking activities at American Home Bank will be over, according to a filing by parent Tower Bancorp Inc. with the Securities and Exchange Commission.

Harrisburg, Pa.-based Tower picked up the Mountville, Pa.-based mortgage operation with its Dec. 10 acquisition of First Chester County Corp. and First National Bank of Chester County.

"Prior to its acquisition of First Chester, Tower concluded that the multi-state residential mortgage banking business of the AHB Division was incompatible with Tower's relationship-based community banking business model," the filing stated. "Accordingly, the merger agreement between Tower and First Chester required that First Chester use its best efforts to sell the AHB Division at or prior to the effective date of the merger, which efforts were ultimately unsuccessful."

On the business networking site Linkedin, American Home Bank shows a total of 141 employees.

A related restructuring charge of between $5 million and $5.6 million will be taken by the parent company, including $1.6 million in one-time employment related termination benefits.

Tower will continue to originate home loans through its Graystone Tower Bank subsidiary's mortgage unit, Graystone Mortgage LLC.

next story

back to current headlines

Bank news

Credit Union news

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.

Financial Regulation News | Mortgage Regulations
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.
Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.

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