On Friday, the Georgia Department of Banking and Finance closed Community Bank and Trust, headquartered in Cornelia, Georgia, and the FDIC was named receiver.
On Friday, the Minnesota Department of Commerce closed 1st American State Bank of Minnesota, headquartered in Hancock, Minnesota, and the FDIC was named receiver.
On Friday, the OTS closed La Jolla Bank, FSB, headquartered in La Jolla, California, and the FDIC was named receiver.
Treasury's most recent Transactions Report reveals a loss of $2,334,120,000 from two institutions in bankruptcy.
On Friday, the Florida Office of Financial Regulation closed Marco Community Bank, headquartered in Marco Island, Florida, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Mutual of Omaha Bank., headquartered in Omaha, Nebraska, to assume all of the deposits of Marco Community Bank.
On Friday, the Nevada Department of Business and Industry, Financial Institutions Division closed Carson River Community Bank, headquartered in Carson City, Nevada, and the FDIC was named receiver.
The collection of foreclosure and bankruptcy-related fees in Chapter 13 bankruptcy cases has been the cause of much grief for mortgage servicers of late. Learning how to do it right on the front end of a bankruptcy is the remedy. Unfortunately, the law varies to a wide degree depending upon the state where the borrower resides. This leaves mortgage lenders and servicers with little ability to streamline activities on a nationwide basis.