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

2 Banks, 1 Branch Operation Fail

Security Savings Bank, Heritage Community Bank and Ameritime close

March 2, 2009

By staff

A Nevada bank, an Illinois bank and a Texas-based branch operation are all out of business.

The Nevada Financial Institutions Division shut down Security Savings Bank and appointed the Federal Deposit Insurance Corporation as receiver, a news release Friday said. The bank employed just 16 people as of Dec. 31.

"Because of Security Savings Bank's condition, it was necessary to take possession of the bank and appoint the FDIC as receiver," Nevada Financial Institutions Division Commissioner George E. Burns said in the statement. "We regret having to take these types of actions."

Bank of Nevada assumed all of Security's $175 million in deposits as of Dec. 31, 2008, for no premium. Around $111 million of Security's $238 million in assets were purchased by Bank of Nevada.

Security's residential mortgage holdings were $24 million on Dec. 31, 2008, according to FDIC data. Construction and land development loans were $32 million, while commercial mortgages were $59 million.

The Henderson, Nev., bank's failure is expected to cost the FDIC's Deposit Insurance Fund $59 million.

Also on Friday, Heritage Community Bank was closed by the Illinois Department of Financial Professional Regulation, Division of Banking, the FDIC -- which was named receiver -- said in another announcement.

MB Financial Bank, N.A., will assume all of the failed Glenwood, Ill., bank's $219 in deposits as of Dec. 5. MB also agreed to acquire almost all of Heritage's $233 million in assets at a $15 million discount with the FDIC sharing in losses.

Residential mortgage holdings as of Dec. 31 were $57 million at Heritage, while the bank held $81 million in construction and land development loans, $18 million in commercial real estate loans and $11 million in multifamily mortgages.

A cease-and-desist order was issued against Heritage by the FDIC on Oct. 10.

The FDIC is expected to lose $42 million from the failure of Heritage, which had 61 employees.

The two banks' failures bring to 16 the number of FDIC-insured institutions seized by the government this year. So far during 2009, has tracked 34 mortgage-related entities that have gone out of business.

Quasi net branch Ameritime Mortgage Co. LLC shut down in December, a blog posting at ML-Implode said last week. The Houston-based company -- which offered branch management programs in 22 states and originated in 40 states -- had lost its approval with the Department of Housing and Urban Development as well as its licenses in several states.

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