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.

Regulators Close Bank, Credit Union and Mortgage Firm

Commerce Bank of Southwest Florida fails

Nov. 23, 2009

By 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. has tracked 203 mortgage-related closings this year.

next story

back to current headlines

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.

Mortgage License News | State Agencies | NMLS Registration Statistics
Mortgage lending licenses and news about license issues by state. Mortgage broker licensing, license revocations and legislation.

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