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.

2 Small Financial Institutions Fail

Recent bank and credit union failures

Oct. 30, 2011

By staff

Two federally insured financial institutions, one in the Midwest and one in the South, were seized by their regulators last week.

In Illinois, the state's Department of Financial and Professional Regulation - Division of Banking closed down All American Bank on Friday.

The Des Plaines bank was placed into receivership, and the Federal Deposit Insurance Corp. was named receiver.

All American has been in business since 2005. Just nine people were employed at the company.

Deposits stood at $33 million as of June 30, while total assets were $38 million. Among the bank's holdings were less than $2 million in home loans, over $19 million in commercial real estate assets and less than $3 million in construction-and-development loans.

All American was hit with an FDIC cease-and-desist order in January, another in June 2010 and one in March 2010.

International Bank of Chicago assumed all of the failed bank's deposits and acquired all of its assets.

The demise of All American is expected to cost the Deposit Insurance Fund just $7 million.

All American was the 85th FDIC-insured institution to fail so far in 2011. A total of nine banks have failed this year in Illinois.

A day earlier, the National Credit Union Administration
took control of Birmingham Financial Federal Credit Union and placed it into conservatorship.

"The decision to conserve a credit union enables the institution to continue regular operations with
expert management in place, correcting previous service and operational weaknesses," the NCUA said in a statement. "During conservatorship, members may therefore continue to conduct business at the credit union."

The Birmingham, Ala., credit union had just 429 members. The financial institution served employees of Birmingham Housing Authority and Birmingham Health Care.

A little more than a million dollars in assets were on the books of the failed credit union as of the end of June.

Birmingham was the 19th credit union failure tracked so far this year by Mortgage Daily.

In all, 119 mortgage-related businesses have been shuttered in 2011.

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