twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com 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 MortgageDaily.com.

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

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

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

Press Releases
Reports and announcements from MortgageDaily.com.

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

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

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



Over 50 Firms Fail This Year

Recent mortgage-related closings

March 29, 2010

By Mortgage Daily staff


The failure of four banks Friday brought to 53 the number of mortgage-related firms to close this year. In excess of $300 million in losses are expected from the latest round of bank failures.

More than $123 million in losses are expected from the failure of seven-year-old McIntosh Commercial Bank, which was shut down Friday by the Georgia Department of Banking and Finance and handed it over to the Federal Deposit Insurance Corporation as receiver. The 59-employee Carrollton, Ga., bank's $343 million in deposits as of Dec. 31, 2009, were assumed at par by CharterBank -- which also acquired all of its $363 million in assets. The FDIC will share in losses on $263 million of the assets -- which included $42 million in home loans, $56 million in commercial real estate loans and $72 million in construction-and-land-development loans.

In its announcement of the failure of Key West Bank, the Office of Thrift Supervision said the bank was critically undercapitalized and had no reasonable prospect of restoring capital. The OTS issued a cease-and-desist orders against the bank on Nov. 12, 2009. Centennial Bank assumed all of the Key West, Fla., bank's $68 million in deposits for an 0.50 percent premium and acquire all of its $88 million in assets. Factoring in a $76 million loss-sharing agreement, the FDIC expects to the failure to cost the Deposit Insurance Fund $23 million.

Bank of the Ozarks acquired the $264 million in deposits of Unity National Bank, which was shut down Friday by the Office of the Comptroller of the Currency. The OCC issued a capital directive against the Cartersville, Ga.-based bank in December and entered a formal agreement in January 2009. Bank of the Ozark also acquired all of Unity's $292 million in assets as of Dec. 31.

"The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices," a statement from the regulator said. "The OCC also found that the bank incurred losses that depleted its capital and there is no reasonable prospect that the bank will become adequately capitalized without federal assistance."

The FDIC entered a loss-share transaction on $206 million of the assets and expects to lose $67 million on Unity's failure.

The last bank to fail Friday was nine-year-old Desert Hills Bank, which was seized by the Arizona Department of Financial Institutions. The Phoenix-based bank employed 107 people. Its $427 million in deposits were assumed at par by New York Community Bank, which also acquired all of its $497 million in assets -- including $112 million in one- to four-family residential loans, $75 million in commercial mortgages and $59 million in construction-and-development loans.

"DFI and the FDIC have been coordinating the examination and supervision of this bank for
months," the state said in a news release. "DFI sought the receivership because the bank's financial condition was unsafe and unsound."

The FDIC, which issued a cease-and-desist order against Desert Hills in July 2009, agreed to a $326 million loss-share transaction and projected losses at $107 million as a result of the failure of Unity -- the 41st FDIC-insured institution to fail during 2010.

MortgageDaily.com has tracked the closing of 53 mortgage-related operations this year.

next story

back to current headlines


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.


Logout forgot
password?

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

MBS

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