Federal regulators have seized the South Dakota bank foreclosing on a nearly $12 million oceanfront condo development site in Greater Miami Beach.
BankFirst of Sioux Falls, S.D., was shut on Friday, July 17, less than a month after the 14-year-old institution filed to foreclose on a 1.1-acre site development site located between Collins Avenue (State Road A1A) and the Atlantic Ocean.
A 43-story tower featuring one unit per floor is proposed for the site located in the northeast Miami-Dade County city of Sunny Isles Beach, according to a CondoVultures.com article.
The Federal Deposit Insurance Corp. estimates losses of $91 million from BankFirst's failure. Prior to shuttering the two-branch bank with assets of $275 million, regulators entered into a purchase agreement for BankFirst's $177 million loan portfolio to be acquired by Beal Bank Nevada in Las Vegas.
BankFirst filed the foreclosure action, also known as a Lis Pendens and/or Notice of Default, in Miami-Dade Circuit Court on June 17 seeking repayment of $11.7 million on a predevelopment loan originated in 2006, according to the Condo Vultures® Foreclosure Database™.
Originally purchased for $9 million, or $181 per square foot, in July 2001, the 49,830-square-foot development site is now assessed for tax purposes at $15.7 million, or $315 per square foot, by Miami-Dade County. BankFirst's loan was made at $235 per square foot.
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Interested in buying multiple units from developers or banks? Be sure to visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Showing posts with label regulators. Show all posts
Showing posts with label regulators. Show all posts
Wednesday, July 22, 2009
Sunday, May 10, 2009
Florida Bank Failures Foreshadowed By FDIC
Federal regulators are staffing up, leasing office space, and creating a management structure in preparation to seize an undisclosed number of struggling banks in Florida and the Southeastern United States.
The Federal Deposit Insurance Corp., which guarantees deposits of $250,000 at the nation's banks, plans to open a satellite office to be used by up to 500 people in the northeast Florida city of Jacksonville to spearhead the imminent seizures and eventual asset sales.
"The FDIC, which prides itself on predictability and consistency, is sending a strong message to the banking industry that the day of reckoning is almost at hand," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. "Industry watchers have been expecting this moment as Florida - considered by many to be the epicenter of the U.S. housing crash - has had few bank failures to date."
Regulators have shut 57 banks since January 2008 with an estimated loss to the FDIC of $15.5 billion. Only four of the failed banks were headquartered in Florida - none in South Florida - compared to 11 seizures in Georgia and nine in California. A Florida credit unit has also closed by regulators.
The FDIC's bank seizure and asset sales office is scheduled to open in September with a combination of employees and subcontractors to oversee the process.
"Throughout its history, the FDIC has used these offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee," according to an FDIC statement. "As the work diminishes, the temporary satellite offices are closed."
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
The Federal Deposit Insurance Corp., which guarantees deposits of $250,000 at the nation's banks, plans to open a satellite office to be used by up to 500 people in the northeast Florida city of Jacksonville to spearhead the imminent seizures and eventual asset sales.
"The FDIC, which prides itself on predictability and consistency, is sending a strong message to the banking industry that the day of reckoning is almost at hand," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. "Industry watchers have been expecting this moment as Florida - considered by many to be the epicenter of the U.S. housing crash - has had few bank failures to date."
Regulators have shut 57 banks since January 2008 with an estimated loss to the FDIC of $15.5 billion. Only four of the failed banks were headquartered in Florida - none in South Florida - compared to 11 seizures in Georgia and nine in California. A Florida credit unit has also closed by regulators.
The FDIC's bank seizure and asset sales office is scheduled to open in September with a combination of employees and subcontractors to oversee the process.
"Throughout its history, the FDIC has used these offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee," according to an FDIC statement. "As the work diminishes, the temporary satellite offices are closed."
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Sunday, May 3, 2009
US Bank Failure Losses Top $5 Billion In 2009
Federal regulators shut three more institutions on May 1, increasing the total estimated losses related to failed bank in 2009 to more than $5 billion, according to a report by Condo Vultures® LLC.
In 2008, regulators shut 25 institutions that resulted in total losses of between $10.4 billion and $14.9 billion, according to the report based on data from the Federal Deposit Insurance Corp.
"Our research indicates that taxpayers have lost an estimated $5.3 billion this year," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures®. "This means that taxpayers are losing about $1.33 billion per month or $11 million per day due to bank failures. Based on this pace, it is not difficult to envision losses in 2009 at least equaling those of 2008, which would put us in a range of $30 billion of bank failures in two years."
In the most recent seizures, regulators closed Silverton Bank in Georgia with assets of $4.1 billion, America West Bank in Utah with assets of $299.4 million, and Citizens Community Bank in New Jersey with assets of $45.1 million.
The trio of bank failures increases the total number of failed institutions to 32 in the first four months of 2009, according to Condo Vultures®.
In the first quarter of 2009, regulators shut 21 institutions with combined assets of $9.6 billion and deposits of $7.9 billion.
The estimated losses incurred with the first quarter closures are at least $2.3 billion, according to the report.
In the first month of the second quarter, regulators have already closed 11 institutions with combined assets of $9.7 billion and deposits of $7.6 billion.
Losses associated with these bank failures are estimated at $3 billion, according to the report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
In 2008, regulators shut 25 institutions that resulted in total losses of between $10.4 billion and $14.9 billion, according to the report based on data from the Federal Deposit Insurance Corp.
"Our research indicates that taxpayers have lost an estimated $5.3 billion this year," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures®. "This means that taxpayers are losing about $1.33 billion per month or $11 million per day due to bank failures. Based on this pace, it is not difficult to envision losses in 2009 at least equaling those of 2008, which would put us in a range of $30 billion of bank failures in two years."
In the most recent seizures, regulators closed Silverton Bank in Georgia with assets of $4.1 billion, America West Bank in Utah with assets of $299.4 million, and Citizens Community Bank in New Jersey with assets of $45.1 million.
The trio of bank failures increases the total number of failed institutions to 32 in the first four months of 2009, according to Condo Vultures®.
In the first quarter of 2009, regulators shut 21 institutions with combined assets of $9.6 billion and deposits of $7.9 billion.
The estimated losses incurred with the first quarter closures are at least $2.3 billion, according to the report.
In the first month of the second quarter, regulators have already closed 11 institutions with combined assets of $9.7 billion and deposits of $7.6 billion.
Losses associated with these bank failures are estimated at $3 billion, according to the report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
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