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.



FL, GA & NM Banks Fail

Recent mortgage-related operations to close

June 26, 2010

By MortgageDaily.com staff


Regulators shut down banks in Florida, Georgia and New Mexico Friday -- all of which had only a small share of their assets tied up in residential loans. In addition, a credit union with nearly $1 billion in assets was thrown into conservatorship.

The Florida Division of Financial Institutions took possession of Englewood, Fla.-based Peninsula Bank and appointed the Federal Deposit Insurance Corp. as receiver. The company was founded in 1986, had 138 employees and was hit with an FDIC cease-and-desist order in November 2009.

Premier American Bank assumed all of the failed bank's $580 million in deposits at par and acquired all of its $644 million in assets including $153 million in commercial mortgages, $146 million in construction-and-development loans and $30 million in home loans. The FDIC agreed to a $438 million loss-sharing arrangement, pushing its estimated losses to $195 million.

After that, the Office of the Comptroller of the Currency seized First National Bank in Savannah, Ga. The OCC blamed "substantial dissipation of assets and earnings due to unsafe and unsound practices" for First National's demise and noted 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 without federal assistance."

The FDIC, which is appointed receiver for all failed banks, sold all of the 14-year-old bank's $232 million in deposits for an 0.11 percent premium to The Savannah Bank -- which also acquired some of First National's $232 million in assets that included $70 million in C&D loans, $53 million commercial real estate loans and $45 million in residential loans. First National had 32 employees.

The FDIC was left with most of First National's assets. It projected that the costs to its Deposit Insurance Fund as a result of the failure will be $69 million.

Friday's final bank failure was High Desert State Bank, which was shuttered by the New Mexico Financial Institutions Division. The 15-employee bank was founded in 1999, was hit with an FDIC prompt corrective action in February and faced a June 2009 cease-and-desist order from the FDIC.

First American Bank assumed the Albuquerque, N.M., bank's $81 million in deposits at par and acquired all of its $80 million in assets -- which included $29 million in C&D loans, $16 million in one- to four-unit mortgages and $11 million in commercial mortgages. Factoring in a $68 million loss-sharing agreement, the FDIC expects to lose $21 million as a result of High Desert's failure -- the 86th FDIC-insured bank failure this year.

Also on Friday, the National Credit Union Administration said it threw Arrowhead Central Credit Union into conservatorship. The failed institution had 152,000 members and $876 million in assets.

The NCUA will continue to service the members of the San Bernardino, Calif., credit union.

"The decision to conserve a credit union enables the institution to continue normal operations with expert management in place correcting previous service and operational weaknesses," the NCUA stated. "Arrowhead Central Credit Union was placed into conservatorship due to declining financial condition."

Arrowhead was the 10th credit union collapse during 2010 and the 108th mortgage-related closing tracked by MortgageDaily.com 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.

www.mortgagebranchmanagerjobs.com

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