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

No. 88 Goes Down

Recent mortgage-related businesses to close or fail

Nov. 11, 2011

By staff

Georgia regulators shut down a small bank in the state, bringing to nearly two dozen the number of Georgia banks that have failed this year -- the worst of any state. The latest casualty pushed the count of federally insured banks to go down this year to 88.

Community Bank of Rockmart was closed Thursday by the Georgia Department of Banking and Finance.

The shuttered bank was established in 2005 and had just 11 employees. Residential loans on its balance sheet totaled $15 million as of June 30. In addition, Community Bank owned $22 million in commercial mortgages and less than a million dollars in construction-and-land-development loans.

The Federal Deposit Insurance Corp. was named receiver of the failed institution.

The winning bidder for the Rockmart, Ga., bank was Century Bank of Georgia, which picked up all of its $56 million in deposits and $41 million of its assets.

The Deposit Insurance Fund is projected to be depleted by $15 million as a result of Community Bank's demise.

Georgia has seen an extraordinarily high number of bank failures this year: 23. The casualty count is the highest of any state during 2011.

On a national basis, Community Bank was the 88th FDIC insured bank to fail this year. Including banks, credit unions and non-banks -- has tracked the closing or failure of 123 mortgage-related entities so far in 2011.

In October, with an "order directing full and exclusive possession and control of insurer" in hand, the Arizona Department of Insurance seized control PMI Mortgage Insurance Co. The regulator then instituted a partial payment plan that calls for claim payments to be made at 50 percent.

But PMI parent PMI Group Inc. has requested that Maricopa County Superior Court Judge Richard J. Gama to reverse the seizure and return control of the operating subsidiary to the parent, Bloomberg reported. PMI claims that the regulator moved too quickly because the unit still has $2 billion in cash and liquid investments and can keep paying policyholder claims until 2014.

State of Arizona v. PMI Mortgage Insurance Co.
Case No. CV2011-018944 (Arizona Superior Court, Maricopa County).

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