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.

2011 Mortgage Graveyard Reaches 70

Recent financial institutions to fail

June 18, 2011

By staff

The failure of three East Coast financial institutions brought the number of mortgage-related businesses to close or fail this year to 70.

Officials with the Georgia Department of Banking and Finance joined forces with agents working for the Federal Deposit Insurance Corp. and stormed McIntosh State Bank on Friday.

The state said it was authorized to take the action under the Official Code of Georgia, Section 7-1-150(a), "whenever such financial institution is either insolvent or operating in an unsafe or unsound condition to transact its business." An order for the action was issued by the Superior Court of Butts County.

The Jackson, Ga., bank was founded in 1964. As of the end of March, the staff size was 83 employees. Home-loan assets were $69 million, while commercial real estate holdings were $86 million and construction-and-land-development loans were $47 million. In 2007, it was hit with a $4,400 penalty over flood insurance compliance issues.

The FDIC was named receiver of McIntosh. A secret bidding process completed prior to the bank's seizure landed its $340 million in total assets and $324 million in total deposits at Hamilton State Bank. An 0.50 percent premium was paid for the deposits.

The FDIC agreed to share in losses on $242 million of McIntosh's assets, putting the estimated cost to the nation's Deposit Insurance Fund at $80 million.

A little further south, in Tampa, Fla., First Commercial Bank of Tampa Bay was shuttered by the Florida Office of Financial Regulation.

First Commercial was established in 1989. One- to four-unit residential assets were $14 million, CRE loans on the balance sheet were $44 million and C&D loans stood at $8 million. The 29-employee firm was hit with an FDIC cease-and-desist order in May 2009.

Again, the FDIC was named receiver. The winning bidder was Stonegate Bank, which paid an 0.50 percent premium for the deposits. No loss-sharing agreement was disclosed by the FDIC, and losses from the bank's failure were pegged at $29 million.

First Commercial was the 47th FDIC-insured failure during 2011.

Control of BCT Federal Credit Union was seized on June 10 by the National Credit Union Administration. The Binghamton, N.Y., institution's 3,911 members were employed by the Southern Tier's Educational Community. BCT was 67 years old at the time of its demise.

The NCUA will operate BCT in conservatorship as it appoints new management and fixes previous service and operational weaknesses.

Including BCT, Mortgage Daily has tracked 13 credit unions that have failed this year.

In all, 70 mortgage-related operations or companies have been closed or failed this year.

next story

back to current headlines

Bank news

Credit Union news

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.

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

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