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

Credit Union, Bank Seized

Recent mortgage-related closings

April 8, 2010

By staff

A federally insured bank in South Carolina and a federally insured credit union in Connecticut were seized by regulators last week. Executives and boardroom members of failed institutions are the target of an ongoing recovery effort by the government.

The Office of the Comptroller of the Currency Friday seized Beach First National Bank in Myrtle Beach, S.C., a news release said. The 13-year-old bank had 131 employees at the end of last year.

"The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices," according to the regulator -- which issued a cease-and-desist order against Beach First in November 2009 and another in 2008. "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 Federal Deposit Insurance Corporation, which was appointed receiver, unloaded the failed institution to Bank of North Carolina. All of the $516 million in deposits were assumed at par, while Bank of North Carolina acquired all of Beach First's $585 million in assets -- including $156 million in residential mortgages, $177 million in commercial mortgages and $113 million in construction-and-land-development loans.

After committing to a $499 million loss-sharing agreement, the FDIC expects its Deposit Insurance fund to be depleted by $130 million as a result of Beach First's failure -- 42nd FDIC-insured failure this year.

The FDIC declined to provide details of a reported letter demanding $77 million from top executives and directors of BankFirst, which failed in July 2009. The letter was reported last week by the Star Tribune. At the time it failed, the FDIC pegged its BankFirst losses at $91 million.

But the FDIC did say in a statement to that while the letters aren't made public, it did investigate professional liability claims after the failure of more than 1,600 depository institutions between 1980 and 1995. Claims were brought against officers and directors in less than a quarter of bank failures between 1985 and 1992.

Earlier last week, on April 8, Connecticut's State Banking Department announced the closure of South End Mutual Benefit Association. The Bloomfield, Conn., credit union's board of directors passed a resolution to cease operation and terminate business.

"Discussions with credit union management revealed its difficulty in meeting regulatory requirements and addressing deficiencies in credit administration, lending practices, internal controls and audit," the state said.

The National Credit Union Administration was named receiver of the institution -- which serviced 360 members, had $3 million in assets and was established in 1945. NCUA noted in its own news release that "credit
union was experiencing problems with its earnings, delinquency and management."

So far this year, has tracked the closing of 55 mortgage-related operations.

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