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

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

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.

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.

Orders Issued Against Institutions

Recent regulatory activity

December 15, 2008

By MortgageDaily.com staff

Dozens of institutions have recently faced actions by banking regulators. Meantime, one big bank has agreed to sell some of the branches of another bank it is acquiring and a mortgage firm was delisted from the New York Stock Exchange.

PNC Financial Services Group Inc. has agreed to sell 61 branch banking offices in order to acquire National City Corp., an announcement Thursday from the U.S. Department of Justice said. In addition, half of National City's middle-market Pittsburgh lending operations must be sold.

The sale resolves competitive concerns about the pending merger.

"With the divestitures, the merger would not have a significantly adverse effect on competition in local markets for retail banking, small business banking and middle market banking services," DOJ stated. "As a result of the acquisition, PNC will become the fifth largest bank in the nation, with about $289 billion in assets and about $180 billion in total deposits."

Thornburg Mortgage Inc. reported in a recent SEC filing it was notified by NYSE Regulation Inc. Dec. 1 that its common stock would be delisted from trading on the New York Stock Exchange as of Dec. 5. The company's share price had fallen below $1 over a consecutive 30 trading day period -- triggering the action. No appeal was planned.

The Federal Deposit Insurance Corporation announced this month that cease-and-desist orders were issued against the following institutions:

Bank Location Date Issued
EvaBank Eva, Ala. Oct. 29
Alliance Bank Culver City, Calif. Oct. 15
First Bank of Delaware Wilmington, Del. Oct. 9
FirstBank Financial Services McDonough, Ga. Oct 23
Heritage Community Bank Glenwood, Ill. Oct. 10
Kenney Bank and Trust Kenney, Ill. Oct. 2
Polk County Bank Johnston, Iowa Oct. 27
The Bank of Harlan Harlan, Ky. Oct. 2
OneUnited Bank Boston Oct. 27
Northpointe Bank Grand Rapids, Mich. Oct. 1
Select Bank Grand Rapids, Mich. Aug. 28
Sun Security Bank Ellington, Mo. Oct. 30
Fort Davis State Bank Fort Davis, Texas Oct. 17
Sanderson State Bank Sanderson, Texas Oct. 16
MagnetBank Salt Lake City Oct. 1
Bank of Wyoming Thermopolis, Wyo. Oct. 17

Removal-and-prohibition orders were issued by the FDIC against Community Bank, Blountsville, Ala.; Columbus Bank and Trust Co., Columbus, Ga.; Rockland Trust Co., Rockland, Mass.; Merchants and Farmers Bank, Kosciusko, Miss.; and Bank of Nevada, Las Vegas.

The FDIC issued civil money penalties against the following companies:

Bank Location
Date Issued
First Bank of Delaware Wilmington, Del. $304,000 Oct. 9
Century Bank of Georgia Cartersville, Ga. $5,500 Oct. 6
Mercantile Bank Quincy, Ill. $2,450 Oct. 22
Community Bank Winslow, Ill. $13,310 Oct. 22
Citizens Union Bank of Shelbyville Shelbyville, Ky. $8,650 Oct. 1
Century Bank Lucedale, Miss. $10,255 Oct. 24
Bank of the Cascades Bend, Ore. $43,550 Oct. 8
Independence Bank East Greenwich, R.I. $2,500 Oct. 17
Anderson Brothers Bank Mullins, S.C. $11,200 Oct. 20
1st Security Bank of Washington Mountlake Terrace, Wash. $4,235 Oct. 9
Banks of Wisconsin Kenosa, Wis. $4,450 na

An order dismissing charges was issued against Community Bank in Blountsville, Ala.

Cease-and-desist orders were terminated against Fremont Investment & Loan, Brea, Calif.; Pan Pacific Bank, Fremont, Calif.; Integrity Bank, Alpharetta, Ga.; 1st State Bank, Saginaw, Mich.; Mesilla Valley Bank, Las Cruces, N.M.; and Mesilla Valley Bank, Las Cruces, N.M. In addition, an order terminating a temporary order to cease and desist was issued against First Bank of Delaware in Wilmington, Del.

The Federal Reserve Board issued a consent order of prohibition against Julianne L. Gingrich, a recent announcement said. Gingrich, who previously worked as a former assistant vice president for SunTrust Bank, didn't admit to any allegations of her participation in violations of law, unsafe and unsound banking practices and breaches of fiduciary duty.

A written agreement between the fed and Community Investment Services Inc. of North Branch, Minn., was announced Thursday. The agreement calls for Community to conserve capital and take steps to improve compliance with laws and regulations. The bank will need to report back regularly on its progress.

In the Matter of Julianne L. Gingrich, A Former Institution-Affiliated Party of SunTrust Bank, Atlanta, Georgia
Docket No. 08-044-E-I, Dec. 3, 2008 (The Board of Governors of the Federal Reserve System, Washington, D.C.)

Written Agreement by and between Community Investment Services Inc., North Branch, Minnesota, and Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota
Docket No. 08-045-WA/RB-HC, Dec. 9, 2008 (The Board of Governors of the Federal Reserve System, Washington, D.C.)

Mortgage Compliance News | Mortgage Compliance Newsletter | Mortgage Regulations
News about complying with mortgage laws, rules and regulations.

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