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Tag Archives: Bank Failure

Regulators Shut Down Florida and Colorado Lenders

State and federal regulators closed the doors on three lending institutions over the weekend -- LandMark Bank of Florida, Southshore Community Bank also in Florida, and Bank of Choice out of Colorado. This latest round of closings brings the number of lenders on the FDIC's failed-bank list to 58 for the year. Together, the three seizures are expected to cost the federal agency $256 million.

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Regulators Seize and Shutter Four Lending Institutions

State and federal regulators shut down four community-based financial institutions over the weekend two in Georgia and one each in Florida and Arizona. These latest closings bring the total number of names on the FDIC's failed bank list to 55 for the 2011 calendar year.

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FDIC Files Suit Against IndyMAC

The FDIC has filed suit against former IndyMAC Bancorp Inc. CEO Michael Perry for $600 million in losses caused by risky mortgage loans. The FDIC accuses Perry of purchasing $10 billion in risky residential loans.

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Regulators Close Three Banks

Regulators closed three banks over the weekend – two in Colorado and one in Illinois. Colorado Capital Bank, Castle Rock, Colorado, and Signature Bank, Windsor, Colorado, were closed by the Colorado Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. First Chicago Bank & Trust, Chicago, Illinois, was closed by the Illinois Department of Financial and Professional Regulation, which also appointed the FDIC as receiver.

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Default Risk in Reverse Mortgage Sector Prompts Lender Exodus

Reverse mortgage businesses accounted for a bigger share of industry casualties during the first half of 2011. Data released Tuesday shows that three lenders, which together made up 46 percent of the market for FHA's reverse mortgage program, called it quits earlier this year. The study noted that one factor impacting the dwindling sector is the possibility that borrowers will miss insurance or tax payments, which can trigger default on federally insured loans.

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Regulators Seize Year’s 14th Failed Georgia Bank

State and federal regulators shut down Mountain Heritage Bank in Clayton, Georgia, late Friday. It's the 14th FDIC-insured financial institution in the state to be closed this year. So far in 2011, 48 insured banks have been shuttered. At this time last year, the tally stood at 86. Mountain Heritage, which was founded in 2003, fell victim to the real estate downturn, with heavy losses on construction loans and mortgages for second homes.

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Florida and Georgia Lenders Shuttered by Regulators

State and federal regulators stepped in late Friday to shut down two lenders - First Commercial Bank of Tampa Bay in Florida and McIntosh State Bank in Jackson, Georgia. The closings bring the number of financial institutions on the FDIC's failed bank list to 47 for the 2011 calendar year and are expected to cost the federal agency $108.5 million.

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South Carolina Lender Shut Down by Federal Regulators

Atlantic Bank and Trust in Charleston, South Carolina, was closed Friday by the Office of Thrift Supervision (OTS), bringing the count of FDIC-insured bank failures to 45 for the year. The FDIC brokered a deal with First Citizens Bank and Trust Company to assume the failed lender's deposits and purchase all of its assets.

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Regulators Seize Year’s Second Failed Washington Bank

Washington state regulators stepped in to shut down First Heritage Bank in Snohomish late Friday. It was the only closing of an FDIC-insured institution last week but marks the 44th bank failure of the year, and the second in Washington. The FDIC brokered a deal with Tacoma's Columbia State Bank to take over the failed institution's operations.

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Lenders Slash Loan Loss Reserves as Credit Quality Improves

Data released by the FDIC Tuesday show that lenders' are seeing considerable improvement in the quality of loans and becoming more confident that fewer borrowers will default. First-quarter loan loss provisions totaled $20.7 billion, less than half the $51.6 billion set aside to cover bad loans a year ago, and loans and leases 90 days or more past due or in nonaccrual status fell for a fourth consecutive quarter. At the same time, though, the number of banks on the FDIC's so-called ""problem list"" is at its highest level since 1993.

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