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

Mortgage Graveyard Journal

Recent mortgage-related businesses to fail or close

Nov. 22, 2010

By staff

A mortgage firm in Hawaii has ended up in bankruptcy, while bank failures in Florida, Pennsylvania and Wisconsin are expected to cause around $200 million in losses.

In Florida, the state's Office of Financial Regulation seized Gulf State Community Bank. Like when any federally insured bank fails, the Federal Deposit Insurance Corp. took over as receiver of the failed institution.

Gulf State was established in early 1971. The bank had 50 employees and was hit with an FDIC cease-and-desist order in November 2009. It owned $20 million in home loans, $23 million in commercial real estate loans and $26 million in construction-and-development loans.

Centennial Bank won its bid to acquire the Carrabelle, Fla.-based bank's $112 million in deposits as of Sept. 30 at par. It also acquired all of Gulf State's $112 million in assets. The FDIC will share in losses on $84 million of the assets and projects related costs to the Deposit Insurance Fund of $43 million.

Next to fail was Allegiance Bank of North America in Bala Cynwyd, Pa., which the Secretary of the Pennsylvania Department of Banking closed. Allegiance face a $5,975 civil money penalty by the FDIC in June, an FDIC cease-and-desist order in November 2009 and an FDIC formal agreement also last year.

Allegiance was founded in 1999 and had just 28 employees.

VIST Bank assumed Allegiance's $92 million in deposits for an 0.50 percent premium and acquired the $107 million in assets -- including $42 million in one- to four-unit mortgages, $33 million in commercial mortgages and $11 million in C&D loans. The FDIC will share in losses on $87 million of the assets, and the cost of the failure is pegged at $14 million.

Friday's third, biggest and final FDIC-insured failure -- and the 149th this year -- was 133-employee First Banking Center, which was closed down by the Wisconsin Department of Financial Institutions. The department, along with the Federal Reserve Bank of Chicago, entered a formal agreement with the 90-year-old bank and parent First Banking Center Inc. in October 2009.

Residential assets at First Banking were $183 million, while commercial mortgage holdings were $160 million and C&D loans were $74 million.

First Banking's deposits were $665 billion and assumed by First Michigan Bank for an 0.50 percent premium. First Michigan also picked up all of the Burlington, Wis.-based bank's $751 million in assets with the FDIC agreeing to a $516 million loss-sharing arrangement and projecting a $143 million loss as a result.

The National Credit Union Administration reported that Constitution Corporate Federal Credit Union will be liquidated on Nov. 30. The institution was placed in conservatorship by the NCUA Board on Sept. 24.

In Maui, Hawaii, The Mortgage Store filed for bankruptcy with nearly $15 million in liabilities and slightly less in assets, reported. Investors reportedly placed money with The Mortgage Store through 7 percent promissory notes.

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