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.

3 More Dead Banks

FDIC named receiver of Sherman County Bank, Riverside Bank

February 13, 2009

By staff

Three financial institution casualties today bring to 12 the number of federally insured banks to fail so far this year. The failures are projected to cost the bank insurance fund more than $300 million.

The Nebraska Department of Banking and Finance shut down Sherman County Bank in Loup City, Neb., an announcement from the Federal Deposit Insurance Corporation today said.

Heritage Bank in Wood River, Neb., will assume all of Sherman County's $85 million in deposits for a 6 percent premium, according to the FDIC -- which was named receiver. Heritage will also buy $22 million of the failed bank's $130 million in assets.

Sherman County had just $3 million in residential mortgages and $5 million in commercial mortgages.

The FDIC expects its Deposit Insurance Fund to take a $28 million hit as a result of Sherman County's failure.

The 30-employee bank was the 10th FDIC-insured failure this year.

But John Nunn, director of Nebraska's Department of Banking and Finance, cautioned that Sherman County's failure is not indicative of the Nebraska banking sector.

"This is not the tip of an iceberg," Nunn stated in a press release. "This closing was precipitated by circumstances unique to Sherman County Bank."

No. 11 was Riverside Bank of the Gulf Coast in Cape Coral, Fla., which was placed in receivership by the Florida Office of Financial Regulation, FDIC -- which was named receiver -- announced.

Riverside had $424 million in deposits as of Dec. 31, of which $281 million will be assumed by TIB Bank in Naples, Fla., for a 1.3 percent premium. Total assets at yearend were $539 million, of which TIB will purchase $125 million.

As of Sept. 30, 2008, Riverside held $201 million in residential loans, $105 million in construction and development loans and $71 million in commercial mortgages.

FDIC projected its loss on Riverside, which had 114 employees, to be $202 million.

The 12th bank to close this year was Corn Belt Bank and Trust Co., which was closed by the Illinois Department of Financial Regulation. FDIC was also named receiver of the Pittsfield, Ill.-based casualty.

The Carlinville National Bank assumed all but $92 billion in brokered deposits of Corn Belt's total $234 million in deposits as of Dec. 31 for a 1.75 percent premium. It also agreed to acquire $61 million of the 40-employee institution's $272 million in assets.

In addition to $18 million in residential mortgages as of Sept. 30, 2008, Corn Belt owned $53 million in commercial mortgages and $20 million in construction and development loans.

FDIC's hit on Corn Belt is estimated at $100 million.

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.

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