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.



2 Bank Failures Last Week

1 closed on Thursday, 1 on Friday

June 10, 2013

By Mortgage Daily staff

Two bank failures last week included a financial institution with more than $400 million in assets and a small bank with related losses that are expected to exceed half of its total assets.

Mountain National Bank was seized Friday by the Office of the Comptroller of the Currency and closed down.

The regulator noted in an announcement that unsafe and unsound practices led to substantial dissipation of assets and earnings.

"The OCC also found that the bank incurred losses that depleted its capital, the bank is critically undercapitalized, and there is no reasonable prospect that the bank will become adequately capitalized," the statement said.

Mountain National Bank was established in November 1998. As of March 31, it employed 127 people.

Residential loan holdings finished March at $84 million, while commercial real estate loans totaled $122 million and construction-and-development loans were $32 million.

The Federal Reserve Bank of Atlanta entered a formal agreement with parent Mountain National Bancshares Inc. in November 2011.

The OCC, which entered a formal agreement with Mountain in June 2009, appointed Federal Deposit Insurance Corp. as receiver for the Sevierville, Tenn.-based bank.

Following a secret bidding process, First Tennessee, N.A., won its bid to purchase all of Mountain National Bank's $437 million in total assets and assume its $373 million in total deposits.

The bank failure is expected to deplete the Deposit Insurance Fund by $34 million.

Using its self-appointment powers granted through the FDIC Improvement Act of 1991, the FDIC's board of directors Thursday issued an order authorizing the FDIC to close 1st Commerce Bank and become its receiver.

It was one of the rare instances that the FDIC closed an institution itself and on a day other than Friday.

1st Commerce was established in October 2006 and employed just five people. It owned no home loans but had $6 million in commercial mortgages and less than $1 million in C&D loans.

An FDIC cease-and-desist order was issued against 1st Commerce in March 2010, while another cease-and-desist order was issued in July 2010.

Plaza Bank agreed to assume all of the North Las Vegas, Nev., bank's $20 million in total deposits and acquire all of its $20 million in total assets.

The FDIC expects to lose $12 as a result of 1st Commerce Bank's failure -- a staggering 60 percent of its assets.

In all 16 FDIC-insured banks have failed this year -- bringing the 2013 mortgage-related casualty count to 32 entities.

The restructuring of Pacific Union Financial's fulfillment and corporate support center in Walnut Creek, Calif., resulted in most of the staff being let go and managers being transferred to the Irving, Texas, headquarters, Inside Mortgage Finance reported.

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.


Bank news


Financial Regulation News | Mortgage Regulations
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.

www.mortgagebranchmanagerjobs.com
Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.


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