From the category archives:
Distressed construction loans and bank owned construction projects, condo projects, subdivisions, and commercial developments.
Late and non-performing construction loans as well as construction REO jumped again. But before I get into that we have two announcements.
First, we are now reporting distressed construction loans and construction reo different than we have in any prior quarter. We’re doing this for two reasons. The first is that our goal is to [...]
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As we drive deeper into the second quarter of 2010, 57 banks have been closed throughout the United State during the calendar year by the Federal Deposit Insurance Corporation (FDIC) and the office of the comptroller of the currency. Assessing the US bank failure situation vis-à-vis 2009, considered the worst year for bank failures [...]
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What do Boca Raton, FL, Normal, IL, Germantown, MD, and Ogden, UT have in common? They are home to the latest four banks to shutter their doors in 2010, bringing the total failed bank count this year to 26. With over 700 banks on the FDIC’s watch list, 2010 could prove to be [...]
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FDIC-insured bank failure totals continue to rise around the US, with the latest two bank failures coming in Nevada and Washington, with Carson River Community Bank and Rainier Pacific Bank.
Carson River Community Bank, Carson City, Nevada
On Friday, February 26, 2010, Carson River Community Bank, the first bank institution to be closed in Nevada this year, [...]
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US banks reported an increase in distressed mortgage and REO volume of nearly 10% over the previous quarter. Troubled real estate and distressed whole loans with banks now top $352 Billion, up from a little more than $320 Billion in the previous quarter.
Residential Real Estate Problems
As expected, residential real estate continued to be the dominant [...]
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In the wake of another US bank failure in early February 2010, the two branches of 1st American State Bank of Hancock Minnesota have reopened as branches of Community Development Bank, FSB, under the watchful eye of the Federal Deposit Insurance Corporation (FDIC) and the Minnesota Department of Commerce. BankProspector provides Distressed Pro members [...]
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The First National Bank of Georgia, located in Carrolton, GA, which had approximately $832.6 million in total assets and $757.9 million in total deposits was closed in late January 2010 by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC). Following the bank’s failure, depositors from its eleven [...]
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Florida Community Bank was the 11th FDIC-insured institution to fail in the nation this year, and the second in Florida. Florida Community Bank was closed by the State of Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) on Friday, January 29, 2010.
The 11 branches of Florida Community Bank reopened as branches [...]
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It was recently announced that United Valley Bank will pay the Federal Deposit Insure Corporation (FDIC) a premium of 7.35% to assume all deposits of Marshall Bank, National Association after the Hallock, MN institution failed in late January.
United Valley Bank signed an agreement to purchase essentially all of the failed bank’s assets, and the 3 [...]
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In late January, the Federal Deposit Insurance Corporation (FDIC), and California Department of Financial Institutions closed First Regional Bank of Los Angeles, CA. The 8 California branches of First Regional Bank will be transferred to First-Citizens Bank & Trust Company.
First Regional Bank, which recorded approximately $2.18 billion in total assets and [...]
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The Federal Deposit Insurance Corporation (FDIC), in conjunction with the Georgia Department of Banking and Finance, continued its 2010 roll of shutting down banks with the January 29, 2010 closing of Community Bank and Trust of Cornelia, GA.
Following the closure, SCBT announced that its bank subsidiary would enter an $827.7 million purchase and assumption agreement [...]
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