Home Valley Bank, Cave Junction, Oregon

Home Valley Bank, Cave Junction, Oregon, was the 103rd FDIC bank shut down this year.The agency estimates that the cost to the Deposit Insurance Fund (DIF) will be $37.1 million.

Home Valley Bank, Cave Junction, Oregon, was closed today by the Oregon Department of Consumer and Business Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with South Valley Bank & Trust, Klamath Falls, Oregon, to assume all of the deposits of Home Valley Bank.

The five branches of Home Valley Bank will reopen on Monday as branches of South Valley Bank & Trust. Depositors of Home Valley Bank will automatically become depositors of South Valley Bank & Trust. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Home Valley Bank should continue to use their existing branch until they receive notice from South Valley Bank & Trust that it has completed systems changes to allow other South Valley Bank & Trust branches to process their accounts as well.

This evening and over the weekend, depositors of Home Valley Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2010, Home Valley Bank had approximately $251.80 million in total assets and $229.6 million in total deposits. South Valley Bank & Trust will pay the FDIC a premium of 1.05 percent to assume all of the deposits of Home Valley Bank. In addition to assuming all of the deposits of the failed bank, South Valley Bank & Trust agreed to purchase essentially all of the assets.

The FDIC and South Valley Bank & Trust entered into a loss-share transaction on $211.6 million of Home Valley Bank’s assets. South Valley Bank & Trust will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit:http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-528-4893. The phone number will be operational this evening until 9:00 p.m., Pacific Daylight Time (PDT); on Saturday from 9:00 a.m. to 6:00 p.m., PDT; on Sunday from noon to 6:00 p.m., PDT; and thereafter from 8:00 a.m. to 8:00 p.m., PDT.

If you should have any further questions, please do not hesitate to visit the FDIC’s website for Home Valley Bank.

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SouthwestUSA Bank, Las Vegas, Nevada

SouthwestUSA Bank, Las Vegas, Nevada, was the 102nd bank shut down by the FDIC this year.The agency estimates that the cost to the Deposit Insurance Fund (DIF) will be $74.1 million.

SouthwestUSA Bank, Las Vegas, Nevada, was closed today by the Nevada Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Plaza Bank, Irvine, California, to assume all of the deposits of SouthwestUSA Bank.

The sole branch of SouthwestUSA Bank will reopen on Monday as a branch of Plaza Bank. Depositors of SouthwestUSA Bank will automatically become depositors of Plaza Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of SouthwestUSA Bank should continue to use their existing branch until they receive notice from Plaza Bank that it has completed systems changes to allow other Plaza Bank branches to process their accounts as well.

This evening and over the weekend, depositors of SouthwestUSA Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2010, SouthwestUSA Bank had approximately $214.0 million in total assets and $186.7 million in total deposits. Plaza Bank did not pay the FDIC a premium for the deposits of SouthwestUSA Bank. In addition to assuming all of the deposits of the failed bank, Plaza Bank agreed to purchase approximately $137.3 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and Plaza Bank entered into a loss-share transaction on $111.3 million of SouthwestUSA Bank’s assets. Plaza Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-591-2845. The phone number will be operational this evening until 9:00 p.m., Pacific Daylight Time (PDT); on Saturday from 9:00 a.m. to 6:00 p.m., PDT; on Sunday from noon to 6:00 p.m., PDT; and thereafter from 8:00 a.m. to 8:00 p.m., PDT.

If you should have any further questions, please do not hesitate to visit the FDIC’s website for SouthwestUSA Bank.

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Community Security Bank, New Prague, Minnesota

Community Security Bank, New Prague, Minnesota, was the 101st FDIC bank beat down this year.The agency estimates that the cost to the Deposit Insurance Fund (DIF) will be $18.6 million.

Community Security Bank, New Prague, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Roundbank, Waseca, Minnesota, to assume all of the deposits of Community Security Bank.

The sole branch of Community Security Bank will reopen on Saturday as a branch of Roundbank. Depositors of Community Security Bank will automatically become depositors of Roundbank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Community Security Bank should continue to use their existing branch until they receive notice from Roundbank that it has completed systems changes to allow other Roundbank branches to process their accounts as well.

This evening and over the weekend, depositors of Community Security Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2010, Community Security Bank had approximately $108.0 million in total assets and $99.7 million in total deposits. Roundbank will pay the FDIC a premium of 0.89 percent to assume all of the deposits of Community Security Bank. In addition to assuming all of the deposits of the failed bank, Roundbank agreed to purchase essentially all of the assets.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-866-692-8944. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT.

If you should have any further questions, please do not hesitate to visit the FDIC’s website for Community Security Bank.

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Thunder Bank, Sylvan Grove, Kansas

Thunder Bank, Sylvan Grove, Kansas, was shut down by the FDIC, making it the 100th bank to be shuttered nationwide this year. The agency estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.5 million.

Thunder Bank, Sylvan Grove, Kansas, was closed today by the Kansas Office of the State Bank Commissioner, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Bennington State Bank, Salina, Kansas, to assume all of the deposits of Thunder Bank.

The two branches of Thunder Bank will reopen on Monday as branches of The Bennington State Bank. Depositors of Thunder Bank will automatically become depositors of The Bennington State Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Thunder Bank should continue to use their existing branch until they receive notice from The Bennington State Bank that it has completed systems changes to allow other The Bennington State Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Thunder Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2010, Thunder Bank had approximately $32.6 million in total assets and $28.5 million in total deposits. The Bennington State Bank did not pay the FDIC a premium for the deposits of Thunder Bank. In addition to assuming all of the deposits of the failed bank, The Bennington State Bank agreed to purchase essentially all of the assets.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-877-894-4710. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT.

If you should have any further questions, please do not hesitate to visit the FDIC’s website for Thunder Bank, Sylvan Grove, Kansas.

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Williamsburg First National Bank, Kingstree, South Carolina

Williamsburg First National Bank, Kingstree, South Carolina, was shut down and igiven up to the FDIC making it the 99th FDIC-insured institution to fail in the nation this year. The agency estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.8 million.

Williamsburg First National Bank, Kingstree, South Carolina, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Citizens Bank and Trust Company, Inc., Columbia, South Carolina, to assume all of the deposits of Williamsburg First National Bank.

The five branches of Williamsburg First National Bank will reopen on Monday as branches of First Citizens Bank and Trust Company, Inc. Depositors of Williamsburg First National Bank will automatically become depositors of First Citizens Bank and Trust Company, Inc. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Williamsburg First National Bank should continue to use their existing branch until they receive notice from First Citizens Bank and Trust Company, Inc. that it has completed systems changes to allow other First Citizens Bank and Trust Company, Inc. branches to process their accounts as well.

This evening and over the weekend, depositors of Williamsburg First National Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2010, Williamsburg First National Bank had approximately $139.3 million in total assets and $134.3 million in total deposits. First Citizens Bank and Trust Company, Inc. will pay the FDIC a premium of 0.5 percent to assume all of the deposits of Williamsburg First National Bank. In addition to assuming all of the deposits of the failed bank, First Citizens Bank and Trust Company, Inc. agreed to purchase essentially all of the assets.

The FDIC and First Citizens Bank and Trust Company, Inc. entered into a loss-share transaction on $64.4 million of Williamsburg First National Bank’s assets. First Citizens Bank and Trust Company, Inc. will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-523-8209. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT.

If you should have any further questions, please do not hesitate to visit the FDIC’s website for Williamsburg First National Bank.

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Crescent Bank and Trust Company, Jasper, Georgia

Crescent Bank and Trust Company, Jasper, Georgia, is one of seven FDIC bank closings tonight, bringing the total number closed nationwide this year to 98. The agency estimates that the cost to the Deposit Insurance Fund (DIF) for Metro Bank of Dade County will be $242.4 million.

Crescent Bank and Trust Company, Jasper, Georgia, was closed today by the Georgia Department of Banking & Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Renasant Bank, Tupelo, Mississippi, to assume all of the deposits of Crescent Bank and Trust Company.

The 11 branches of Crescent Bank and Trust Company will reopen under normal business hours beginning Saturday as branches of Renasant Bank. Depositors of Crescent Bank and Trust Company will automatically become depositors of Renasant Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Crescent Bank and Trust Company should continue to use their existing branch until they receive notice from Renasant Bank that it has completed systems changes to allow other Renasant Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Crescent Bank and Trust Company can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2010, Crescent Bank and Trust Company had approximately $1.01 billion in total assets and $965.7 million in total deposits. Renasant Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Crescent Bank and Trust Company. In addition to assuming all of the deposits of the failed bank, Renasant Bank agreed to purchase essentially all of the assets.

The FDIC and Renasant Bank entered into a loss-share transaction on $617.4 million of Crescent Bank and Trust Company’s assets. Renasant Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-523-8177. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT.

If you should have any further questions, please do not hesitate to visit the FDIC’s website for Crescent Bank and Trust Company.

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Sterling Bank, Lantana, Florida

Sterling Bank, Lantana, Florida, was shut down and it’s deposits served up to IBERIABANK, Lafayette, Louisiana. Sterling Bank becomes the 97th bank to be closed nationwide this year. The agency estimates that the cost to the Deposit Insurance Fund (DIF) will be $45.5 million.

Sterling Bank, Lantana, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with IBERIABANK, Lafayette, Louisiana, to assume all of the deposits of Sterling Bank.

The six branches of Sterling Bank will reopen on Monday as branches of IBERIABANK. Depositors of Sterling Bank will automatically become depositors of IBERIABANK. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Sterling Bank should continue to use their existing branch until they receive notice from IBERIABANK that it has completed systems changes to allow other IBERIABANK branches to process their accounts as well.

This evening and over the weekend, depositors of Sterling Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2010, Sterling Bank had approximately $407.9 million in total assets and $372.4 million in total deposits. IBERIABANK did not pay the FDIC a premium for the deposits of Sterling Bank. In addition to assuming all of the deposits of the failed bank, IBERIABANK agreed to purchase essentially all of the assets.

The FDIC and IBERIABANK entered into a loss-share transaction on $244.3 million of Sterling Bank’s assets. IBERIABANK will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-523-8275. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT.

If you should have any further questions, please do not hesitate to visit the FDIC’s website for Sterling Bank.

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2010 Bank Failures Add Up To Nearly $17B FDIC Hit

Boy, it really starts to add up, doesn’t it? This makes quick work of almost half of the FDIC’s $40B pre-payment trick. What next?

Note also that these failures are far from completely “resolved”, and that the below FDIC costs are just preliminary estimates –  the ultimate losses to the wishfully-named “insurance fund” will probably be higher (for example the losses due to IndyMac were ultimate revised upwards by at least 20%, and that is before taking into account long-term bond guarantees the FDIC has provided for most of its bank failure interventions.  Or the fact that Congress just made the FDIC guarantee $250k per account, retroactive back to Jan 1., 2008.)

(Thanks to reader Ken Baumgardt for compiling and contributing this table!)

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Is Bank of America Hiding an Insolvency Problem From The Public?

Steve Dibert, MFI-Miami

The cool thing about owning a company like MFI-Miami is that I get to chat on and off the record with a lot of media types with the inside scoop on what is going on in the financial world.  These conversations tend to link a lot of missing pieces together like a jigsaw puzzle of what is going on in the finance world. The latest puzzle revealed big problems at Bank of America after it was all put together.

Over the past month, I have noticed the attitude at the executive offices of Barbara DeSoer go from jovial to downright hostile like when one executive told me several weeks ago before abruptly hanging up on me, “We are very well aware of who you are Mr. Dibert, we are the largest bank in the U.S. and we will not be bullied!”

My staff would tell me about how they would get four different answers from four different people at her office at Bank of America or calls to their Texas office would “mysteriously” get disconnected.  Initially, I blew it off because I figured someone sent out a memo about MFI-Miami.  Yes, they send them out memos about companies like MFI-Miami.  Matter of fact, Wells Fargo apparently sent one out last year calling me a Communist who is hell bent on destroying the American way of life but that’s another story.

Then clients, attorneys, bloggers and reporters began calling me asking why there is so much confusion at Bank of America’s servicing division and why Bank of America has been refusing to commit to loan modifications.  These bloggers and journalists observed that Bank of America’s refusal to modify mortgages would contradict their public statements bragging about how they have modified 600,000 plus loans.   Those numbers may have been exaggerated due to Bank of America actively soliciting Angelo Mozilo’s old “Friends of Angelo” list. Of the nearly 300 Bank of America homeowners, MFI-Miami has worked with who are attempting to get modifications, I can report only 1 has received a permanent modification without going into litigation.  The rest have been put into never ending “trial periods” or are in mortgage purgatory because of litigation.

Several other MFI-Miami clients facing foreclosure began telling me that their twice daily threatening calls from Bank of America had abruptly stopped.   Loans held by subsidiaries of Bank of America that MFI-Miami were investigating would abruptly be transferred to Fannie Mae or Freddie Mac without being recorded in the counties the properties were located.

Three lessons I learned from working in politics that can be applied to the finance world, where there is smoke, there is fire.  There is no such thing as a coincidence and bean counters are like the old Soviet military commanders, they don’t wipe their ass without planning it in advance.

It was obvious senior executives at Bank of America were up to something but then I got a strange phone call from one of my inside sources at Bank of America.  What they told me was so unsettling that I had to retreat to the shores of Lake Huron in Grand Bend, Canada to analyze the information.

My contact told me that Bank of America is selling off their servicing rights on loans they serviced for other investment houses and they are selling off their trustee rights they hold in their name, Countrywide’s name and LaSalle Bank’s name to Deutsche Bank.  What they can’t sell to other banks they are selling to Fannie Mae and Freddie Mac.  This would explain why my office has seen an increase of Bank of America owned loans transferred to GSEs like Fannie Mae and Freddie Mac. This increase in transfers to the GSEs would also explain why Fannie and Freddie have asked congress for more corporate welfare from the TARP fund.

On the surface this looks like Bank of America is having a liquidity problem but then buried deep in the Asian edition of the Wall Street Journal last week was an article that the Blackstone Group was taking over Bank of America’s Asian Real Estate Fund.  This would indicate this much more than Bank of America having a liquidity problem.  This would indicate that Bank of America has turned into the SS Titanic.  The only thing lacking are the musicians playing their parting music on the bow of the ship.

My source was even bold enough to say that executives are planning on Bank of America being out of business by the end of the year.  They are waiting for someone to buy their branch network before making the news of their pending demise public.

After witnessing the fall of Indy Mac Bank and after hearing U.S. Treasury Secretary Timothy Geithner repeatedly say when firms get into trouble, “We will dismember them.” It is apparent that Bank of America management felt it would be a wise move for Bank of America to conduct this controlled multi-billion dollar garage sale themselves privately and quietly rather than have Treasury do it publicly exposing executives to embarrassment, public scrutiny and quite possibly criminal investigations.

In the era of creative accounting, they could also use the cash raised from the massive garage sale to mask any losses and thus keep their shareholders and deposit holders happy and quiet.

But what Bank of America executives feared most were Depression Era bank runs.  After seeing riots in Greece and having protestors showing up at the homes of their executives, Bank of America’s priority was and is to keep this out of the media as much as possible.

Brian Moynihan owes a huge debt of gratitude to Tony Hayworth and the safety inspectors at British Petroleum because while the mainstream media was distracted by the Gulf oil spill, Bank of America could go about liquidating their assets and no one would be the wiser.

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Mainstreet Savings Bank, FSB, Hastings, Michigan

Mainstreet Savings Bank, FSB, Hastings, Michigan, was slammed shut by the FDIC tonight making it the 96th bank to fall nationwide in 2010. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.4 million.

Mainstreet Savings Bank, FSB, Hastings, Michigan, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Commercial Bank, Alma, Michigan, to assume all of the deposits of Mainstreet Savings Bank, FSB.

The two branches of Mainstreet Savings Bank, FSB will reopen on Saturday as branches of Commercial Bank. Depositors of Mainstreet Savings Bank, FSB will automatically become depositors of Commercial Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Mainstreet Savings Bank, FSB should continue to use their existing branch until they receive notice from Commercial Bank that it has completed systems changes to allow other Commercial Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Mainstreet Savings Bank, FSB can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2010, Mainstreet Savings Bank, FSB had approximately $97.4 million in total assets and $63.7 million in total deposits. Commercial Bank will pay the FDIC a premium of 1.13 percent to assume all of the deposits of Mainstreet Savings Bank, FSB. In addition to assuming all of the deposits of the failed bank, Commercial Bank agreed to purchase essentially all of the assets.

The FDIC and Commercial Bank entered into a loss-share transaction on $77.1 million of Mainstreet Savings Bank, FSB’s assets. Commercial Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximiz returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit:http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-451-1093. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC’s Web site athttp://www.fdic.gov/bank/individual/failed/mainstsvgs.html.

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