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



4 Failed Banks to Cost FDIC $0.5 Billion

Recent FDIC-insured bank failures

Jan. 23, 2011

By MortgageDaily.com staff


Four bank failures Friday are expected to result in Deposit Insurance Fund losses of nearly $0.5 billion. Most of the losses are tied to a single Colorado institution that had more than $2 billion in assets.

The first to go was Enterprise Banking Co.

The Georgia Department of Banking and Finance seized the McDonough, Ga., bank under the Official Code of Georgia, Section 7-1-150(a), and -- as was the case with all of Friday's bank failures -- handed it over to the Federal Deposit Insurance Corp. as receiver.

Enterprise, founded in 1925, had an FDIC cease-and-desist order levied against it in December 2009.

No buyers were found for the $101 million bank, so the FDIC created the Deposit Insurance National Bank of McDonough to handle an orderly liquidation of the failed institution. The temporary institution will remain open until Jan. 28, during which period the FDIC has encouraged depositors to transfer their deposits to other banks.

After that, the South Carolina State Board of Financial Institutions closed down CommunitySouth Bank and Trust in Easley, S.C.

Blue Ridge Holdings Inc. chartered a new bank, CertusBank, National Association, which agreed to take over the failed bank.

One state north, The Bank of Asheville was shut down by the North Carolina Office of Commissioner of Banks. The state called the Asheville, N.C., bank's demise "unfortunate."

The last bank failure on Friday -- and by far the largest -- was Denver's United Western Bank, which was closed by the Office of Thrift Supervision. The institution was "undercapitalized and in an unsafe and unsound condition to transact business," according to the OTS.

In April 2010, United Western and parent United Western Bancorp Inc. lost their chief executive officer, Scot T. Wetzel. No reason was given for his resignation at the time.

First-Citizens Bank & Trust Co. stepped in to assume all of United Western's $1.65 billion in deposits at par and acquire its $2.05 billion in assets with the FDIC agreeing to share in losses on $1.11 billion of the assets. After all is said and done, the FDIC estimates that the hit to its Deposit Insurance Fund will be around $313 million as a result of United Western's failure -- the seventh this year for the FDIC.

Eight mortgage-related companies and operations have either failed or been closed down so far in 2011 based on MortgageDaily.com data.

Jan. 21, 2011, Bank Failures
Bank Location Regulator Deposits (mil) Deposit prem. paid Assets (mil) Home Loans (mil) CRE Loans (mil) C&D (mil) Year Founded # Emp Acquirer FDIC Loss-Share Amount (mil) Deposit Ins. Fund Losses (mil)
The Bank of Asheville, Asheville, North Carolina North Carolina Office of Commissioner of Banks $188 million 0.00% $195 million $28 million $55 million $61 million 1997 58 First Bank $166 million $56 million
CommunitySouth Bank and Trust Easley, South Carolina South Carolina State Board of Financial Institutions $402 million 0.00% $441 million $46 million $106 million $64 million 2005 87 CertusBank, National Association $211 million $46 million
Enterprise Banking Co. McDonough, Georgia Georgia Department of Banking and Finance $96 million 0.00% $101 million $20 million $20 million $20 million 1925 18 Liquidated. $0 million $40 million
United Western Bank Denver Office of Thrift Supervision $1,650 million 0.00% $2,050 million $317 million $647 million $193 million 1962 161 First-Citizens Bank & Trust Co. $1,110 million $313 million

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