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Tag Archives: Acquisitions

Small Originators Filling Footprint of Rivals: Report

Smaller mortgage originators are stepping up to the plate to make loans as larger lenders - encumbered by mounting litigation and repurchase claims - pull back from the servicing sector, according to a report released Thursday. Paul Miller, a financial analyst with FBR Capital Markets, based conclusions from the report on quarterly shares of market activity. He credited the retreat by larger lenders for reasons why rivals more than doubled their respective footprints in the mortgage market by the third quarter this year.

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Bank Failure Tally Hits 90 as Regulators Close Two

Defying forecasts for a slowdown, the national tally for bank failures this year hit 90 as two financial institutions went under in Iowa and Louisiana. State regulators shuttered Johnston, Iowa-based Polk County Bank and Lacombe, Louisiana-based Central Progressive Bank, appointing the FDIC receiver. Grinnell-based Grinnell State Bank and New Orleans-based First NBC Bank scooped up branches, assets, and deposits in purchase-and-assumption agreements. Century-old Polk County closed its doors.

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Newest Bank Failure Raises Georgia, National Tallies

The 2011 national tally for bank failures crested at 88 with the closure of a financial institution in Georgia Thursday. The Community Bank of Rockmart added to the state's litany of bank failures by shuttering with $62.4 million in total assets and $55.9 million in total deposits. State regulators closed the bank and appointed the FDIC as receiver. The FDIC swooped in to cover the $14.5 million-bill left behind by the bank failure. The failure in Rockmart boosts both the national and state tallies, with the latter climbing to 23, keeping Georgia the leader in 2011 closures.

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BB&T Scoops Up BankAtlantic, Scrimps on Bad Assets

BB&T looked southward to acquire Florida-based BankAtlantic Tuesday, assuming $3.3 billion in low-cost deposits and picking up 78 branches from the retail lender in the process, according to statements released by the companies. The move ranks BB&T ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô one of the largest U.S. banks by assets ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the sixth largest franchise in the Miami market. The North Carolina-based acquirer will pay $301 million above the premium price for the deposits and branches, plus $2.1 billion in performing loans. The acquisition is also another move up for the bank.

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