A Look Inside A High Performing Bank
Bank Directors Magazine just produced a video on success strategies by leaders of First Financial Bankshares. Having finished first in Bank Director’s 2010 Performance Scorecard and second in the 2011 report, Abilene, Texas-based First Financial Bankshares knows a thing or two about growing successfully.
Video: What Bank Leaders Think.
Recently, Bank Directors Magazine published this insightful video. Nichole Jordan of Grant Thornton shares a few highlights from their survey of bank chief executive officers and directors conducted at Bank Director’s 2012 Acquire or Be Acquired conference in Phoenix in January.
FDIC Announces Winning Bidder for Small Investor Program Sale
The Federal Deposit Insurance Corporation (FDIC) has closed on the third sale in its Small Investor Program (SIP). The competitive bidding process involved the sale of a 25 percent initial equity stake in a limited liability company (LLC) formed by the FDIC in its receivership capacity to hold certain loans of the Bank of Whitman, Colfax, Washington, which failed on August 5, 2011.
The loans transferred to the LLC consisted of 62 performing and non-performing commercial real estate loans, commercial acquisition and development and construction loans, as well as performing and non-performing residential acquisition, development and construction loans. The collateral is located primarily in Washington, Idaho and Utah, and has an aggregated unpaid principal balance (UPB) of $101,007,866.
The purchaser of the initial equity stake in the LLC was Mariner Real Estate Partners III, LLC, Leawood, Kansas, which is a minority-owned business.
Mariner paid approximately $13.6 million (net of working capital) in cash for its initial 25 percent stake in the LLC; its bid valued the loans at approximately 54 percent of the aggregate UPB. Mariner will provide for the management, servicing and ultimate disposition of the LLC’s loans.
The SIP sale was conducted on a competitive basis. Nine groups submitted bids on an unleveraged basis for an initial 25 percent equity interest in the newly formed LLC. The receivership for the Bank of Whitman will hold the remaining 75 percent equity interest until all equity is returned. After the return of a multiple of the equity, the receivership’s interest in the LLC will decrease to 50 percent and the Private Owner Interest will correspondingly increase to 50 percent. The bid submitted by Mariner was determined to be the offer that maximized the value of the loans to the receivership. The sale closed on January 11, 2012. (more…)
OCC Releases PSA’s About the Independent Foreclosure Review
WASHINGTON — The Office of the Comptroller of the Currency today released print and radio public service advertisements to increase awareness of the Independent Foreclosure Review, announced in November 2011.
The public service items include a feature story, distributed to 7,000 small newspapers throughout the country, and two 30-second radio spots distributed to 6,500 small radio stations. The material will be distributed in English and Spanish. Below is the text of the feature story for use:
Your Independent Foreclosure Review
Did you face foreclosure in 2009 or 2010? If so, the Office of the Comptroller of the Currency says you may be eligible for a free independent review of your case.
Independent foreclosure re views let borrowers who faced foreclosure on their primary residences between January 1, 2009 and December 31, 2010 request reviews of their cases if they believe they suffered financial injury as a result of errors in the foreclosure processes of these servicers: America’s Servicing Company, Aurora Loan Services, Bank of America, Beneficial, Chase,Citibank, CitiFinancial, Citi Mortgage, Country-Wide, EMC, EverBank/Everhome, Freedom Financial, GMAC Mortgage, HFC, HSBC, IndyMac Mortgage Ser vices, MetLife Bank, National City, PNC Mortgage, Sovereign Bank, Sun-Trust Mortgage, U.S. Bank, Wachovia, Washington Mutual, and Wells Fargo. (more…)
OCC Hosts Community Bank Directors Workshops
WASHINGTON — The Office of the Comptroller of the Currency recently announced its 2012 schedule of workshops to be held around the country for directors of nationally chartered community banks and federal savings associations.
“OCC workshops help directors of national banks and federal savings associations better understand their responsibilities and the risks facing their institutions in today’s dynamic banking environment,” said acting Comptroller of the Currency John Walsh.
The OCC offers four different workshops: “A Director’s Challenge: Mastering the Basics,” “Directors: Where is the Risk in Your Bank,” “Compliance Risk: What Directors Need to Know,” and “Credit Risk: A Director’s Focus.” Each workshop costs $99 per participant. (more…)
FDIC Issues List of Banks Examined for CRA Compliance
The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in October 2011. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990.
A consolidated list of all state nonmember banks whose evaluations have been made publicly available since July 1, 1990, including the rating for each bank, can be obtained from the FDIC’s Public Information Center, located at 3501 Fairfax Drive, Room E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200), or via the Internet at www.fdic.gov. (more…)
