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



2 Institutions Seized

Recently failed financial institutions

Feb. 27, 2011

By MortgageDaily.com staff


It was a relatively mild week -- with two financial institutions that had less than $200 million in assets between them facing the reaper.

A tiny credit union in New York was shut down by the National Credit Union Administration on Wednesday.

NYC OTB Federal Credit Union was chartered in 1972 to serve members of the New York City Off-Track Betting Corp., the NCUA's news release indicated. At the time of its demise, the institution had less than $2 million in assets and served 868 members.

"NCUA made the decision to close NYC OTB Federal Credit Union and discontinue its
operation after determining the credit union is insolvent and has no prospects for restoring viable operations," the regulator stated. "NYC OTB's sponsor closing and the credit union's subsequent declining financial condition led to the closure."

NYC OTB was the fourth credit union failure reported this year by MortgageDaily.com.

On Friday, the Illinois Department of Financial and Professional Regulation -- Division of Banking stepped in to seize control of Valley Community Bank. The failed institution was immediately handed over to the Federal Deposit Insurance Corp. as receiver.

The St. Charles, Ill, bank was founded in 1996. As of Dec. 31, 2010, it had 41 employees. In April 2010, it was hit with an FDIC cease-and-desist order.

Valley Community's residential mortgage holdings finished last year at $28 million. Another $42 million in commercial mortgage assets were on the books, and construction-and-land-development loans amounted to $13 million.

All of the failed bank's $124 million in total assets were acquired by First State Bank, which also assumed its $124 million in deposits. After all is said and done, the Deposit Insurance Fund is expected to be depleted by $23 million as a result of Valley Community's closing.

Valley Community was the 23rd federally insured bank failure since the beginning of 2011.

Including banks, credit unions and mortgage lenders -- a total of 29 mortgage-related operations have failed or been closed down this year.

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