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



Regulators Close Bank, Credit Union and Mortgage Firm

Commerce Bank of Southwest Florida fails

Nov. 23, 2009

By MortgageDaily.com staff


Florida bank regulators closed down a small Fort Myers bank, while Rhode Island regulators closed a mortgage company there and a Nevada credit union was seized by its regulator.

The Florida Office of Financial Regulation Friday closed Commerce Bank of Southwest Florida and handed it over to the Federal Deposit Insurance Corporation as receiver.

The Fort Myers, Fla., bank was founded in 2005. As of June 30, headcount stood at just 11 employees. In July, the FDIC issued a cease-and-desist order against the failed bank.

Commerce had $80 million in assets as of Aug. 28 -- including $24 million in residential loans, $21 million in commercial mortgages and $10 million in construction-and-land-development assets. Deposits stood at $77 million.

Central Bank assumed all of the deposits at par and acquired all of the assets, with the FDIC agreeing to share in losses on $61 million of the assets. The cost to the Deposit Insurance Fund was projected at $24 million.

Commerce was the 124th FDIC-insured failure this year.

Earlier this month, the National Credit Union Administration closed Ensign Federal Credit Union. EDS Credit Union purchased and assumed Ensign's member share accounts.

The Henderson, Nev., financial institution had $98 million in assets and 7,900 members.

Including two corporate credit union failures, Ensign was the 18th credit union failure this year.

Greenwich Mortgage in Providence, R.I., was shut down by the Rhode Island Department of Business Regulation over allegations it used unlicensed originators, didn't report the loss of its Connecticut license and ignored three customer complaints about employee fraud, WPRI reported. The company, owned by Neil Saunders, allegedly collected fees up front -- $1,300 from one customer -- then failed to do any more.

MortgageDaily.com has tracked 203 mortgage-related closings this year.

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