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

Lender Failures 101

2 banks, 1 lender close

July 17, 2009

By staff

So far this year, the closing of 101 mortgage-related operations has been tracked. A rash of bank failures are fueling the activity.

The Georgia Department of Banking and Finance today closed First Piedmont Bank and appointed the Federal Deposit Insurance Corporation receiver, a press release indicated.

Winder, Ga., Piedmont was just 11 years old with only 23 employees. It had $115 million in assets as of July 6, including $14 million in home loans, $25 million in commercial mortgages and $31 million in construction-and-land-development loans as of March 31.

First American Bank and Trust Co. assumed all of First Piedmont's $109 million in deposits as of July 6 for a 1.01 percent premium. First American also acquired around $111 million of the failed bank's assets, with the FDIC sharing in losses on approximately $90 million of the assets.

The cost of First Piedmont's failure to the Deposit Insurance Fund is estimated at $29 million.

First Piedmont was the 54th FDIC-insured bank to fail in 2009. During all of 2008 -- only 25 federally insured banks failed.

The 55th bank failure, BankFirst, was seized today by the South Dakota Division of Banking and handed over to the FDIC.

The Sioux Falls, S.D.-based institution was established in 1995 and had 76 employees as of March 31. The Federal Reserve issued a prompt corrective action against BankFirst on June 15.

Alerus Financial, National Association, of Grand Forks, N.D., assumed all of BankFirst's $254 million in deposits as of April 30.

BankFirst's assets were $275 million as of April 30 -- with just $4 million in residential loans, $53 million in commercial real estate loans and $89 million in construction-and-development loans as of March 31. Alerus will acquire $72 million of the assets, while Beal Bank Nevada will acquire $177 million of the failed bank's loans.

The FDIC pegged the cost from BankFirst at $91 million.

Utah's Valley Mortgage was placed under the receivership of the Grand Junction law firm of Rider and Quesenberry, the Vernal Express reported this week. The action follows an FBI investigation over unregistered securities.

Including Valley Mortgage, the closing of 101 mortgage-related operations has been tracked by so far this year.

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