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.

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/
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.


Banking Sector Chaos

Recent mergers, earnings and other corporate activity

September 2, 2008

By SAM GARCIA


One bank was acquired, another collapsed and orders were issued against nearly two dozen others. Meanwhile, two financial institutions announced changes at the top and a failed firm has been resurrected.

Alan E. Master has been appointed chief executive officer of struggling Franklin Bank Corp., an announcement Thursday said. He became president of the firm in May when the company's founder, Anthony J. Nocella, stepped down following the company's disclosure of bad accounting.

Master replaces interim-CEO Lewis S. Ranieri, who will continue in his role as chairman. Ranieri noted the move will enable him to focus on raising additional capital for the Houston-based company.

Guaranty Financial Group Inc. President and CEO Kenneth R. Dubuque has been elected chairman of the board, a statement last week said. Dubuque replaces retiring chairman Kenneth M. Jastrow II. The move follows Guaranty's spinoff from Temple-Inland Inc. on Dec. 28, 2007, which Dubuque was credited with navigating.

An investigation of Fannie Mae is being conducted by the Law Offices of Howard G. Smith over possible securities violations related to its preferred stock offerings in May, according to an announcement. The investigation concerns alleged misleading statements and material omissions in offering materials. Such investigations usually precede the filing of a securities class action.

Security Pacific Bancorp entered an agreement with the Federal Reserve Bank of San Francisco to conserve capital earlier this month as a result of an inspection by the Fed in May. The agreement calls for an acceptable capital conservation plan to be submitted within 60 days, while an operational improvement planned is required within 90 days.

The Federal Deposit Insurance Corporation announced cease-and-desist orders were issued in July against Timberland Bank in El Dorado, Ark.; Meridian Bank in Eldred, Ill.; Bank of the Bluegrass and Trust Co. in Lexington, Ky.; and Main Street Bank in Northville, Mich. A cease-and-desist order was also issued against Topeka, Kan.-based The Columbian Bank and Trust Co., which the FDIC took receivership of on Aug. 22.

The FDIC issued a temporary cease-and-desist order against First Bank of Delaware, in Wilmington, and issued a civil money penalty against Wells Fargo Bank N.A. in Sioux Falls, S.D.

Removal and prohibition orders were issued by the FDIC against Katherine Bohorquez of Bank VI in Salina, Kan.; Kelly D. Bullock of Citizens Bank in Mount Vernon, Ky.; Bobby L. Hoeft Jr. of Farmers State Bank, Fairmont, Neb.; Elizabeth Reilly of North Fork Bank in Mattituck, N.Y.; Karyn L. Burton of Whitesville State Bank in Whitesville, W.V.; and Dale M. Pedretti of Fortress Bank, Milwaukee.

FDIC issued civil money penalties against Bank of Moundville, Moundville, Ala., for $1,050; Gainesville Bank & Trust of Gainesville, Ga., for $4,200; Community State Bank of Spencer, Iowa, for $3,400; The Western State Bank of Garden City, Kan., for $5,150; First Security Trust Bank Inc. of Florence, Ky., for $1,750; Bridgewater Bank of Bloomington, Minn., for $8,050; Security State Bank of Ansley, Neb., for $8,000; United Valley Bank of Cavalier, N.D., for $4,800; and Bank of Prairie Du Sac, Prairie Du Sac, Wis., for $3,900.

Cease-and-desist orders were terminated by the FDIC against First Community Bank of Vanceburg, Ky.; State Bank of Belle Plaine, Belle Plaine, Minn.; and American Bank and Trust Co., Tulsa, Okla.

The Georgia Department of Banking and Finance shut down Integrity Bank on Friday, according to a notice posted on the Alpharetta, Ga.-based bank's Web site. The FDIC was named receiver and Regions Bank has paid a 1.012 percent premium for all of the deposits.

Integrity had $1.1 billion in total assets and $1.0 billion in total deposits as of June 30, according to an announcement from the FDIC -- which issued a cease-and-desist order against the institution in April. The cost to the deposit insurance fund is estimated at between $250 million and $350 million.

Integrity is the 10th FDIC-insured bank to fail this year.

Greensburg, Ind.-based MainSource Financial Group Inc. acquired Friday 1st Independence Financial Group Inc., a filing with the Securities and Exchange Commission today said. The price paid for Louisville, Ky.-based 1st Independence dropped to $4.418 in cash and 0.7849 shares of MainSource common stock for each share of 1st Independence stock from $5.475 in cash and 0.881036 shares of MainSource common stock as originally proposed.

The Home123 Mortgage brand has been acquired by PBG Financial Services Ltd, a press release last week said. Home123 Corp., the former retail lending subsidiary of bankrupt New Century Financial Corp., halted new business in March 2007 as New Century collapsed.

PBG, a certified public accounting firm, made the acquisition in partnership with Central States Mortgage Inc., the third-largest U.S. credit union service organization. The move reportedly provides a national footprint to Central States' network of over 400 credit unions.


Security Pacific Bancorp, Los Angeles, California and Federal Reserve Bank of San Francisco, San Francisco, California
Docket No. 08-019-WA/RB-HC, Aug. 14, 2008 (Board of Governors of the Federal Reserve System, Washington, D.C.)


Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: [email protected]


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



Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


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