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

2 Financial Institutions Fail Last Week

Recent mortgage-related entities to close or fail

July 29, 2012

By staff

Two financial institutions failed last week. One of the casualties, a $217 million bank, was in Georgia -- which already had more failed banks during 2012 than any other state in the country. The other entity is in Colorado, and a big share of its customers apparently speaks Spanish.

Jasper Banking Co. was established on March 12, 1945, as a federally insured bank.

But by 1999, the company was in trouble with bank regulators. The Federal Deposit Insurance Corp. issued a cease-and-desist order against the Jasper, Ga., bank in September of that year.

While the cease and desist order was terminated the following January, the 44-employee firm apparently ran into trouble again.

On Friday, the Georgia Department of Banking and Finance took possession of Jasper pursuant to the Official Code of Georgia, Section 7-1-150(a), which authorizes the department to take possession of any state-chartered financial bank when it is either insolvent, operating in an unsafe or unsound condition to transact its business or is operating in violation of any court order, statute, rule or regulation. The state can also seize a bank when the bank requests the department to take possession of its business and property.

As of March 31, the failed bank had $213 million in total deposits and $217 million in total assets including $26 million in residential loans, $36 million in commercial real estate loans and $12 million in construction-and-land-development loans.

The FDIC, which was appointed receiver of Jasper Banking, conducted a secret bidding process and awarded the winning bid to Stearns Bank, N.A., which assumed all of its deposits and acquired all of its assets.

The bank's failure is expected to deplete the Deposit Insurance Fund by $58 million.

Out of the 39 FDIC-insured bank failures so far this year, nine were in Georgia -- the worst of any state in the country.

But Jasper Banking wasn't the only financial institution to fail Friday.

The Colorado Division of Financial Services placed Trinity Credit Union into conservatorship. The National Credit Union Administration was appointed receiver and assumed control of service and operations.

"The Federal Credit Union Act authorizes the NCUA Board to accept appointment as conservator when necessary to conserve the assets of a federally insured credit union, protect members' interests or protect the NCUSIF," an NCUA statement said.

The $4 million credit union has more than 1,100 members who are residents of Las Animas County, Colo. Apparently many of Trinity's members were Hispanic because the credit union regulator also issued a notice about its failure in Spanish.

The NCUA will continue to operate Trinity while working to resolve issues affecting the institution's safety and soundness.

Trinity was the fourth credit union placed into conservatorship this year and the ninth credit union to fail so far during 2012.

Mortgage Daily has tracked to demise of 62 mortgage-related entities from January through July.

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