Florida regulators have closed First Priority Bank, Bradenton, Fla., after losses on commercial real estate loans crippled the $260 million bank. The Federal Deposit Insurance Corp. will end up selling most of the assets. SunTrust Bank, Atlanta, has assumed all the insured deposits, but purchased none of the real estate assets. A subsidiary of Beal Bank Nevada, Las Vegas, purchased only $42 million of the failed bank's assets. As of March 31, First Priority had $34.9 million in nonperforming real estate loans on its books, up from $4.6 million in the first quarter of 2007. The FDIC estimates that First Priority will cost the deposit insurance fund $72 million. It is the eighth bank to fail this year.
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Newly minted Federal Reserve Chair Kevin Warsh will host his inaugural press conference on Wednesday. Bankers will be paying close attention to what he says — and how he says it.
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The Federal Housing Finance Agency's annual report to Congress asks for enforcement and referral powers beyond the limited ones it currently has.
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The deal reinforces PennyMac's AI-focused pivot and will also accelerate development and growth of its proprietary servicing platform, the lender said.
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Rithm and UWM Holdings are the favorite names among publicly traded lenders, while BTIG adds coverage of Better Home & Finance at a buy rating.
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The deal offers a series of exchangeable, class A and B notes, which will pay coupons ranging from 6.00% on the A1 tranche to 5.00% on the A33 tranche.
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This industry executive finds subservicing mortgages impacted by rule changes and relatively higher delinquency rates helps test operations and keep them sharp.
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