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1st American State Bank of Minnesota Fails

Distressed Construction Loans and REO

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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First National Bank First to Fall in Georgia During 2010

Distressed Construction Loans and REO

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 of Immokalee, Florida

Distressed Construction Loans and REO

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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Finding Bank Contacts for Distressed Assets

BankProspector Updates
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One question I get a lot is “Who should I be asking for at the bank?”. The answer depends on a a few things 1) the size of the bank 2) what your offer is 3) your comfort level with the material of the discussion 4) your existing connections.
Sales experts will tell you that selling [...]

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Marshall Bank National Association of Hallock, MN

Distressed Construction Loans and REO

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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Los Angeles, CA First Regional Bank Failure

California Banks

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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Cornelia Georgia Community Bank & Trust Enveloped

Distressed Construction Loans and REO

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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American Marine Bank Buckles

Distressed Construction Loans and REO

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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Miami Premier American Bank Failure

Distressed Construction Loans and REO
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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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Members Receive Unlimited Access to Premium Content

Distressed Pro

On January 6th, we announced the launch of the Distressed Property Professional’s Podcast Series, and the reception has been overwhelmingly warm.  After publishing several podcasts within the series, it’s clear that the content is differentiated, relevant, and valuable to our members and site visitors.
As we strive to stay at the forefront of establishing a true [...]

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Why a Billion Dollar Bank Went Bust

Distressed Construction Loans and REO
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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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