home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com 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 MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

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.

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



2 Banks First to Fail in '09

Bank of Clark County, National Bank of Commerce closed by regulators

Jan. 19, 2009

By MortgageDaily.com staff


Two banks with nearly $1 billion in assets between them were the first two government-insured casualties of the new year.

The Washington Department of Financial Institutions shut down Bank of Clark County on Friday, according to an announcement from the Federal Deposit Insurance Corporation -- which was named receiver.

In its own news release, the state cited inadequate capital and liquidity for its actions and said loan portfolio deterioration and economic instability combined to push the bank into insolvency.

The Vancouver-based bank had $367 million in deposits and $447 million in assets as of Jan. 13. Mortgages on the balance sheet were $340 million as of Sept. 30, 2008, including $156 million in construction and land development loans, $120 million in commercial real estate loans and $48 million in residential mortgages.

Umpqua Bank has agreed to assume around $249 million in deposits. Approximately $118 million in brokered deposits were excluded. The FDIC did not indicate that the Roseburg, Ore.-based institution was acquiring any of Bank of Clark County's assets.

Uninsured deposits were around 138 accounts for $39 million when the 91-employee bank failed. The hit to FDIC's Deposit Insurance Fund is expected to be between $120 and $145 million.

Another failure Friday was National Bank of Commerce, which was closed down by the Office of the Comptroller of the Currency. FDIC was also named receiver of the Berkeley, Ill.-based bank.

"The OCC acted after finding that the bank was critically undercapitalized and had no reasonable prospect of becoming adequately capitalized," the federal regulator said in an announcement.

Republic Bank of Chicago assumed National Bank's deposits, which were reported at $402 million as of Jan. 7. The Oak Brook, Ill.-based institution also acquired $367 million of National Bank's $431 million in assets at a $45 million discount.

FDIC's insurance fund is expected to take a $97 million hit in the failure of National Bank, which was founded in 1966.

Bank of Clark County and National Bank were the first two FDIC-insured bank failures of 2009.

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.


Logout forgot
password?

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

MBS

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