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.



2009 Death Toll: 80

Three FDIC-insured banks fail Friday

June 22, 2009

By MortgageDaily.com staff


The failure of three banks on Friday brought to 80 the number of mortgage-related closings this year. Two of Friday's casualties were more than a century old.

On Friday, the Georgia Department of Banking and Finance took possession of Southern Community Bank pursuant to the Official Code of Georgia, Section 7-1-150(a), a news release said. An order issued by the Superior Court of Fayette County appointed the Federal Deposit Insurance Corporation as receiver.

Southern Community was a 10-year-old institution with 62 employees as of March 31.

United Community Bank assumed all of the Fayetteville, Ga., institution's $307 million in deposits as of May 29 for a 1 percent premium. United Community also agreed to acquire $364 million of Southern Community's $377 million in assets. The FDIC agreed to a loss-sharing arrangement on $253 million in assets.

As of March 31, Southern Community held $25 million in residential loans, $76 million in commercial mortgages and $97 million in construction-and-land-development loans.

The FDIC expects the cost of the failure to reach $114 million.

Southern Community was the 38th FDIC-related failure this year.

The 39th FDIC-insured institution to fail was Cooperative Bank, which was shut down Friday by the North Carolina Office of Commissioner of Banks and placed in FDIC receivership.

Cooperative, based in Wilmington, N.C., was established in 1898 and had 224 employees as of March 31. It entered a written agreement with the Federal Reserve Board on April 24 requiring it to strengthen capital, comply with laws and regulations and report back.

First Bank assumed all of Cooperative's $774 million in deposits as of May 31. The failed bank had assets of $970 million -- including $329 million in one- to four-unit loans, $106 million in commercial mortgages and $391 million in construction-and-land-development loans -- of which First Bank acquired $942 million.

The FDIC, which agreed to share in the losses of $852 million of the assets, projected the loss from Cooperative's failure will amount to around $217 million.

The Office of the Comptroller of the Currency Friday closed First National Bank of Anthony and appointed the FDIC as receiver.

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

The OCC issued a cease-and-desist order against the Anthony, Kan.-based institution on Nov. 20, 2008.

First National was established in 1885. At the end of March, 54 employees worked at the institution.

Bank of Kansas based in South Hutchison, Kan., acquired all of the failed bank's $142.5 million in deposits as of March 31 for an 0.5 percent premium. It also agreed to acquire virtually all of First National's $157 million in assets, though the FDIC agreed to a loss-sharing arrangement on around $131 million of the assets. The failed bank's assets included $19 million in home mortgages, $39 million in commercial mortgages and $30 million in construction-and-land-development assets.

A $32 million hit to FDIC's Deposit Insurance Fund was estimated as a result of First National's failure.

First National was the 40th federally insured bank to fail this year and the 80th mortgage-related closing tracked by MortgageDaily.com during 2009.
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

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