twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to 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

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

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

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

Press Releases
Reports and announcements from

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









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

Friday's Bank Failures Mostly Confined to Midwest

4 FDIC-insured bank failures last week

May 17, 2010

By staff

Three of the four federally insured banks to fail last week were in the Midwest.

Satilla Community Bank was the first to go Friday, with the Georgia Department of Banking and Finance seizing it and the Federal Deposit Insurance Corporation taking over as receiver. Ameris Bank assumed the deposits and acquired the assets of the Saint Marys, Ga., bank.

On June 30, 2009, Satilla was slapped with an FDIC cease-and-desist order.

Next, New Liberty Bank was closed by the Michigan Office of Financial and Insurance Regulation. The state said that it would be "business as usual" as of Saturday morning. An FDIC cease-and-desist order was issued against new Liberty, based in Plymouth, Mich., on June 17, 2009.

After that, the Missouri Division of Finance shut down Southwest Community Bank in Springfield, Mo. Simmons First National Bank acquired the assets and deposits of Southwest.

Including the failure of Midwest Bank and Trust Co., which was already reported this weekend, 72 federally insured banks have failed this year. has tracked to the closings of 90 mortgage-related operations so far this year.

Expected losses of $301 million from last week's failures are peanuts compared to the more than $7 billion the FDIC expected its Deposit Insurance Fund to lose as a result of seven bank failures on April 30.

If approved by a bankruptcy judge -- Lone Star Funds will pay $10.5 million in cash, subordinate a $100 million claim and give up a secured claim on $1.25 million in cash in return for a release from claims that Accredited Home Lenders Holding Co. creditors plan to bring in an un-filed lawsuit, Bloomberg reported.

May 14, 2010 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)
Midwest Bank and Trust Co. Elmwood Park, Ill. Illinois Department of Financial Professional Regulation - Division of Banking $2,420 0.40% $3,170 $490 $1,210 $309 1959 413 Firstmerit Bank, N.A. $2,270 $216
New Liberty Bank Plymouth, Mich. Michigan Office of Financial and Insurance Regulation $102 0.00% $109 $18 $44 $5 2001 16 Bank of Ann Arbor $95 $25
Satilla Community Bank Saint Marys, Ga. Georgia Department of Banking and Finance $134 0.19% $136 $29 $36 $30 2001 19 Ameris Bank $101 $31
Southwest Community Bank Springfield, Mo. Missouri Division of Finance $97 0.50% $103 $18 $13 $28 1996 19 Simmons First National Bank $67 $29

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.

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


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