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

2nd Week of FL, WA Bank Failures

FDIC-insured banks seized

Oct. 2, 2010

By staff

It was the second week in a row that two banks failed, and one of those institutions was in Florida while the other was in Washington.

In Crawfordville, Fla., the Florida Office of Financial Regulation seized Wakulla Bank and handed it over to the Federal Deposit Insurance Corp. as receiver.

Wakulla was established in 1974. Employment stood around 135 as of June 30.

Parent Wakulla Bancorp entered a formal agreement with the Federal Reserve Bank of Atlanta on Dec. 22, 2009.

The highest bidder for the failed institution was Centennial Bank, which assumed all of Wakulla's $386 million in deposits at par. Centennial also acquired Wakulla's $424 million in assets, though the FDIC agreed to a loss-sharing arrangement on $213 million of the assets. Assets included $81 million in one- to four-unit residential loans, $81 million in commercial mortgages and $67 million in construction-and-development loans.

The FDIC expects to lose $113 million on Wakulla's failure.

A few hours later, Shoreline Bank was shut down by the Washington Department of Financial Institutions and also handed over to the FDIC -- which issued a cease-and-desist order against the bank in December. The 11-year-old institution employed just 31 people at the end of June.

"Shoreline Bank has suffered significant loan losses associated with land development and construction lending," Brad Williamson, director of the department's Division of Banks, said in a news release. "The bank's management was not able to raise sufficient capital to remain viable."

Williamson called Shoreline "another unfortunate casualty of the extraordinary weakness in the commercial real estate land acquisition and construction lending market."

The Shoreline, Wash.-based bank's $100 million in deposits were assumed for an 0.25 percent premium by GBC International Bank. GBC also acquired around $66 million of Shoreline's $104 million in assets, and the FDIC agreed to share in losses on $49 million of the acquired assets. Assets included $16 million in home loans, $33 million in commercial real estate loans and $29 million in C&D loans.

A week earlier, the Florida Office of Financial Regulation closed the Haven Trust Bank Florida, and the Washington Department of Financial Institutions closed North County Bank. They were also the only two bank failures that day.

The Deposit Insurance Fund is expected to suffer a $41 million setback as a result of Shoreline's insolvency -- the 129th FDIC-insured bank failure this year.

From January through today, 160 mortgage-related closings and failures have been tracked by Mortgage Daily.

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