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.

Billion Dollar Bank Done

Recent bank, credit union failures

July 24, 2011

By staff

Two Florida banks failed last week, but the cost of taking over the two firms is expected to be only a small fraction of a third bank failure. Sixteen percent of this year's bank failures were in the Sunshine State. Two Colorado institutions made the obituaries.

The Florida Office of Financial Regulation closed Southshore Community Bank Friday and named the Federal Deposit Insurance Corp. receiver, which happens every time a federally insured bank fails.

The Apollo Beach, Fla., bank had $45 million in total deposits as of March 31. Total assets stood at $46 million and included $6 million in one- to four-family residential loans, $15 million in commercial real estate loans and $6 million in construction-and-development loans.

Southshore was founded in 2005. Just 10 employees were on its payroll. In March 2010, the FDIC issued a cease-and-desist order against Southshore.

The state also seized LandMark Bank of Florida. Based in Sarasota, the 11-year-old bank had 53 people on staff.

LandMark's total deposits were $247 million and its assets stood at $275 million. Assets reflected $64 million in home loans, $118 million in CRE loans and $36 million in C&D loans. Both Landmark and parent Landmark Financial Holding Co. entered formal agreements with the Federal Reserve Bank of Atlanta and the State of Florida Office of Financial Regulation in November 2009.

Southshore and LandMark were each taken over by American Momentum Bank.

The FDIC expects Southshore's cost to its Deposit Insurance Fund to be $8 million, while the tab on LandMark is pegged at $34 million. Nine out of the 58 FDIC-insured bank failures this year have been in Florida.

Losses from the Southshore and LandMark paled in comparison to the day's next casualty.

That was in Greeley, Colo., where the Colorado Division of Banking closed down Bank of Choice. The seized institution was established in 1896. As of the end of March, 214 people worked there.

The failed bank had a whopping $1.07 billion in assets of which $116 million was residential loans, $259 million was commercial mortgages and $167 million was C&D holdings. Deposits were $925 million.

The FDIC issued a cease-and-desist order against Bank of Choice in May 2010, while an FDIC prompt-and-corrective action was issued in March.

Bank Midwest, N.A., agreed to purchase $853 million of Bank of Choice's assets. It assumed all of its deposits.

Bank of Choice's demise, the 58th for the FDIC this year, is projected to cost $214 million.

Bank of Choice was just one of two financial institutions to fail Friday in Colorado.

The Commissioner of the Colorado Division of Financial Services took control of Saguache County Credit Union and handed it to the National Credit Union Administration as conservator. The NCUA will operate the Moffat, Colo.-based institution as it works to resolve operational and financial deficiencies. The three-branch credit union has just $18 million in assets and 3,165 members.

Mortgage Daily has tracked to failure of 17 credit unions this year, bringing the count for all mortgage-related casualties to 85.

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