Regulators have seized three bank, two headquartered in Florida and one in Oregon, resulting in an estimated loss of $185 million to the Federal Deposit Insurance Corp.
First State Bank, a Sarasota, Fla.-based institution with assets of $463 million and deposits of $387 million, was shuttered on Friday, Aug. 7, producing a loss of $116 million to the FDIC's Deposit Insurance Fund. The FDIC ensures deposits up to $250,000 per account.
On that same day across town regulators were seizing the Community National Bank of Sarasota County, with assets of $97 million and deposits of $93 million. This failure resulted in a loss of $24 million to the FDIC's Deposit Insurance Fund.
The deposits of both Sarasota banks were assumed by Stearns Bank of St. Cloud, Minn. This is not the first time that the FDIC has worked out a deal with Stearns Bank to assume the deposits of a failed institution.
In June, Stearns Bank took over the deposits of the failed Minnesota institution Horizon Bank with assets of $87.6 million and deposits of $69.4 million.
For the year, regulators have seized six Florida-based institutions with combined assets of $14.2 billion and deposits of $9.8 billion. The six Florida bank failures of 2009 have resulted in an estimated loss of $5.4 billion, according to CondoVultures.com research based on FDIC data.
Florida ranks fourth in the country in 2009 for the greatest number of bank failures behind Georgia's 16 closings, Illinois' 13 closings, and California's eight closings, according to the Bal Harbour, Fla.-based consultancy Condo Vultures®.
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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 seizure. Show all posts
Showing posts with label seizure. Show all posts
Tuesday, August 11, 2009
Friday, August 7, 2009
FDIC To Open Failed Bank Office Next Month In Florida
Federal regulators are staffing up for next month's scheduled opening of what is poised to be a 500-person bank failure and asset sales office in Florida.
The Federal Deposit Insurance Corp, which insures individual accounts up to $250,000, plans to open a "temporary" east coast office on Jacksonville's south side of town in September.
"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."
Industry watchers expect a surge of bank failures to occur in Florida in the upcoming months as the sunshine state is one of the hardest hit real estate markets yet only six of the 94 FDIC institutions to fail since January 2008 have been headquartered in Florida.
By comparison, neighboring Georgia leads the nation in bank failures with 21 seizures, or 22 percent of the overall total closings, since 2008, according to Condo Vultures® LLC research based on FDIC data.
The FDIC's satellite office is viewed by many industry watchers as further proof that a series of Florida bank failures is imminent in the upcoming months. The FDIC is not dispelling the speculation.
"You put the office as close to the bulk of your work," FDIC spokesman David Barr told CondoVultures.com.
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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
The Federal Deposit Insurance Corp, which insures individual accounts up to $250,000, plans to open a "temporary" east coast office on Jacksonville's south side of town in September.
"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."
Industry watchers expect a surge of bank failures to occur in Florida in the upcoming months as the sunshine state is one of the hardest hit real estate markets yet only six of the 94 FDIC institutions to fail since January 2008 have been headquartered in Florida.
By comparison, neighboring Georgia leads the nation in bank failures with 21 seizures, or 22 percent of the overall total closings, since 2008, according to Condo Vultures® LLC research based on FDIC data.
The FDIC's satellite office is viewed by many industry watchers as further proof that a series of Florida bank failures is imminent in the upcoming months. The FDIC is not dispelling the speculation.
"You put the office as close to the bulk of your work," FDIC spokesman David Barr told CondoVultures.com.
Read More
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
Wednesday, July 22, 2009
Bank Foreclosing Oceanfront Site Seized By Federal Regulators
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
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.
Read More
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
Saturday, May 23, 2009
FDIC Lost $5.2 Billion Last Week
The Federal Deposit Insurance Corp., which guarantees bank accounts up to $250,000, lost nearly $5.2 billion last week with the failure of a Florida savings institution and two Illinois banks.
Last week's bank failures push the total losses incurred by the FDIC in the first five months of 2009 to more than $10.6 billion. In all of 2008, the FDIC lost between $10.4 billion and $14.9 billion, according to a new report from Condo Vultures® LLC using regulatory data.
"The FDIC is losing an average of $2 billion per month with bank failures," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "We expect this trend to continue given that the FDIC plans to open a 500-person bank seizure in asset sales office in Jacksonville, Fla., in September to deal with troubled banks in the Southeast and especially Florida."
Of the 36 banks shut by regulators in 2009, only three have been in Florida even though the sunshine state is considered by many to be the epicenter of the U.S. housing crash.
The most recent failure was on Thursday, May 21, with regulators shuttered Florida's largest institution, BankUnited. Headquartered in suburban Miami, BankUnited had $12.8 billion in assets, $8.6 billion in deposits, and more than 80 branch locations throughout Florida.
BankUnited's failure is estimated to cost the FDIC about $4.9 billion, making it the largest bank failure since July 2008 when IndyMac was seized.
IndyMac Bank was a California-based institution with $32 billion in assets and $19 billion in deposits. The IndyMac failure cost the FDIC between $4 billion and $8 billion.
The two Illinois banks to be closed last week on May 22 were Strategic Capital Bank and Citizens National Bank.
Strategic Capital Bank had assets of $537 million and deposits of $471 million. The FDIC's estimated loss from Strategic Capital Bank is $173 million.
Citizens National Bank had assets of $437 million and deposits of $400 million. The FDIC's estimated loss from Citizens National Bank is $106 million.
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
Last week's bank failures push the total losses incurred by the FDIC in the first five months of 2009 to more than $10.6 billion. In all of 2008, the FDIC lost between $10.4 billion and $14.9 billion, according to a new report from Condo Vultures® LLC using regulatory data.
"The FDIC is losing an average of $2 billion per month with bank failures," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "We expect this trend to continue given that the FDIC plans to open a 500-person bank seizure in asset sales office in Jacksonville, Fla., in September to deal with troubled banks in the Southeast and especially Florida."
Of the 36 banks shut by regulators in 2009, only three have been in Florida even though the sunshine state is considered by many to be the epicenter of the U.S. housing crash.
The most recent failure was on Thursday, May 21, with regulators shuttered Florida's largest institution, BankUnited. Headquartered in suburban Miami, BankUnited had $12.8 billion in assets, $8.6 billion in deposits, and more than 80 branch locations throughout Florida.
BankUnited's failure is estimated to cost the FDIC about $4.9 billion, making it the largest bank failure since July 2008 when IndyMac was seized.
IndyMac Bank was a California-based institution with $32 billion in assets and $19 billion in deposits. The IndyMac failure cost the FDIC between $4 billion and $8 billion.
The two Illinois banks to be closed last week on May 22 were Strategic Capital Bank and Citizens National Bank.
Strategic Capital Bank had assets of $537 million and deposits of $471 million. The FDIC's estimated loss from Strategic Capital Bank is $173 million.
Citizens National Bank had assets of $437 million and deposits of $400 million. The FDIC's estimated loss from Citizens National Bank is $106 million.
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 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
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