From the category archives:
Distressed construction loans and bank owned construction projects, condo projects, subdivisions, and commercial developments.
On Friday, January 29, 2010, the Washington Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) closed American Marine Bank of Bainbridge Island, WA. This was following December 2009 attempts by American Marine Bank to improve its lending and management policies, and failed hopes that an investor would rescue the 61-year-old Washington [...]
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On Friday, January 22, 2010, Premier American Bank, Miami, FL was closed by The State of Florida Office of Financial Regulation. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. All deposit accounts, excluding certain brokered deposits, have been transferred to Premier American Bank, N.A., Miami, FL, a newly chartered National Bank.
In addition to [...]
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This is the third in a series of five post mortems on the banks that were closed on January, 22nd 2010.
Charter Bank of Santa Fe, NM was a $1.25 Billion dollar bank. It was closed on Friday by the FDIC and reopened as a Beal Bank subsuduary on Monday morning. Beal Bank is a [...]
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This is second in a series of five post mortems that I’m doing on failed banks this week. This one is Evergreen Bank, formerly a community bank based in Seattle WA. Like many other community and regional banks it had to compete where the big guys couldn’t, or wouldn’t. Stats as of last reporting are [...]
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Five banks were shuttered on Friday. It’s funny (sort of) that this has now become such a common Friday night occurrence that there is very little coverage of the events on Monday morning. A Google search this morning revealed fewer than a handful of reports on the closings and none with many details. I’m going [...]
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The pace of the construction implosion appears to be easing. Construction notes have been plagued by high rates of default and soaring REO balances since the economy has been in turmoil. This quarter, however, it appears that we may be “getting over the hump”.
Construction loans reported as 90+ days late but still accruing interest increased [...]
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As I’ve reported in the past the volume of construction loan and REO trouble is significantly higher than the commercial totals are today. And as most everyone knows Florida is in the thick of it. I’ve also written in past articles about the fact that it aint over.
In fact our bank data shows that there [...]
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Construction loans continue to be a huge problem for banks. In fact construction loan problems at US banks top $85 Billion in the most recent report. Construction loans make up about 30% of the total problem loan and bank owned property balances with banks nationally.
While you might expect to see lenders from Florida, Nevada and [...]
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It’s good to see deal flow out there even if it has to come from a private auction held by the FDIC. The Starwood / Corus Bank deal has been widely reported on over the last few weeks.
Barry Sternlicht’s Starwood Capital Group has a relatively straightforward game plan for the distressed condo assets of Corus [...]
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Troubled construction balances grew in each category (that we track) in the second quarter of 2009. Over all distressed construction jumped more than 17% from the first to the second quarter in 2009. We track 90+ Day Late, Nonaccrual, and OREO (bank owned property) balances. Total construction loan problems topped $85B in Q2.
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