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

Bank Failures Sink in March

26th FDIC-insured bank fails in 2011

March 27, 2011

By staff

Although bank failures during the first two months of this year indicated that the number of casualties might reach the elevated level recorded for 2010, there was a dramatic decline this month.

After just 13 years in business, The Bank of Commerce was seized Friday by the Illinois Department of Financial & Professional Regulation-Division of Banking.

Based in Wood Dale, Ill., the failed institution had just 15 employees. Residential loans on its balance sheet totaled $30 million as of Dec. 31, 2010, while commercial mortgages were $58 million and construction-and-land-development loans added up to $25 million.

The bank was handed over to the Federal Deposit Insurance Corp. as receiver. The winning bidder was Advantage National Bank Group, which picked up all of The Bank of Commerce's $161 million in deposits for an 0.10 percent premium. Advantage also acquired all the $163 million in total assets, with the FDIC agreeing to a loss-sharing arrangement on $148 million of the assets.

In December 2010, The Bank of Wood Dale was hit with an FDIC prompt corrective action, while the regulator issued a cease-and-desist order in May 2009.

After all is said and done, the Deposit Insurance Fund is expected to take a $42 million hit as a result of the bank failure -- the 26th this year.

The new year started off busy -- with 23 federally insured bank failures in just January and February. The level of activity put 2011 on track to match the 157 bank failures last year.

But despite the brisk start -- only three banks failed during March.

Hard-money lender Integrated Financial Associates Inc. recently filed Chapter 11 bankruptcy, the Las Vegas Sun reported. The company, which said its $44.9 million in liabilities far exceeded assets of $7.5 million, noted that it is being sued by numerous parties over breach of guaranty, breach of contract or wrongful foreclosure against various parties.

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