Wamu WKN 893906 News !

...wieder aktiv dabei ist...den ganzen müll, den man in den letzten 10 tagen von diversen neu-/ und alt-bashern, aber auch -pushern lesen musste, war und ist unerträglich...werd hier jetzt mal wieder regelmäßiger reinlesen...

was hast du selber für ne meinung dazu dass solomon in den letzten 4 monaten ca. 700k abgerechnet hat während susman hingegen nur ca. 600k abrechnet? irgendwie ja schon komisch, denn bisher haben vor gericht zumindest offiziell ja keine einsprüche oder anträge von seiten ec vorgelegen wo drin stand dass das ganze auf basis der analysen von solomon enstanden wäre... oder hab ich was übersehen?!

gruss, delacre.

Washington Mutual liabilities at issue
Posted: November 12, 2010 at 4 a.m.

Federal regulators and JPMorgan Chase & Co. - which together managed the collapse of Washington Mutual during the financial crisis - are embroiled in a fight over who should cover billions of dollars from a legal mess that the failed Seattle savings and loan left behind.

The 2008 implosion of Washington Mutual was the biggest banking failure in U.S. history, prompting the Federal Deposit Insurance Corp. to take over the firm and then orchestrate a shotgun deal for JPMorgan to buy the bank for $1.9 billion. Before it failed, Washington Mutual had more than 2,200 branches and $188 billion in deposits.

But the paperwork for the merger was written so hastily over a 48-hour period that it left ambiguous who ...
www.nwaonline.com/news/2010/nov/12/...e-20101112/?nwa-business

Schaut euch mal die Rechnungen von Susman, Solomon u. Ashby&Geddes an ... Bei Rosen und Konsorten wirds ja bestimmt nicht viel anders ausschauen .... Das wird sich hier noch sehr lange hinziehen!!! Ist ja wie ne Lizenz zum Gelddrucken für die Rechtsverdreher und Berater .... Die werden die Gans, die goldene Eier legt ganz bestimmt nicht unnötig früh schlachten ;-) ... und ich möchte nicht wissen, was da im Hintergrund noch so an Vettern- und Günstlingswirtschaft abläuft ....

ich das  richtig, das die Deutsche Bank Fdic & JPM auf 6 - 10 Mrd. verklagt wegen "Verschönerung" der Tatsachen..

www.mortgagenewsdaily.com/channels/...-refinance-bell-phh.aspx

aus Yahoo. Weil ... und Goodwin.. setzen ihre Spezialisten an...

Order Granting Permission Pro Hac Vice of Diana M. Eng
http://www.kccllc.net/documents/0812229/...

Diana M. Eng is an associate in the Litigation department of Weil,  Gotshal & Manges’ New York office and a member of the Complex  Commercial Litigation group. Ms. Eng’s practice focuses on complex  commercial litigation as well as intellectual property and media  matters.
http://www.weil.com/DianaEng/


Order Granting Motion Pro Hac Vice of David L. Permut
http://www.kccllc.net/documents/0812229/...

David Permut, a partner in the firm’s Litigation Department, is resident  in Goodwin Procter’s Washington, D.C. office. Mr. Permut specializes in  general civil litigation, with particular emphasis on the defense of  financial institutions in consumer financial services class actions. He  also specializes in antitrust litigation.
http://www.goodwinprocter.com/People/P/P..

Geh ins Bett es ist schon dunkel drausen.
Oder ist die Mama nicht zuhause.

According to the story in Bloomberg, the judge stated that "this was all too complicated to figure out" and slammed her gavel down. Ok, just kidding. The judge actually said that investors didn't sufficiently demonstrate they suffered an injury for the securities they bought, and that the statute of limitations had expired for some claims. The suit claimed documents for mortgages originated by Countrywide and later securitized contained misrepresentations and omissions, and didn't follow the lender's own guidelines. Those failings must be addressed in the new complaint, she said. BofA said that, because the judge's ruling narrows the scope of claims that would be allowed to proceed in a revised complaint, it expects the securities at issue in the case would decline from 427 offerings with a face value of about $352 billion to about 22 offerings valued at about $31 billion.

Can you define a "safe" mortgage? (I know - "one where the borrower makes their payments.") But next month Federal regulators are expected to issue proposed rules spelling out which loans will be excluded from a new requirement that issuers hold onto 5% of the risk of mortgages packaged into securities. In the Dodd Frank legislation Congress exempted certain loans called "qualified residential mortgages" from the requirements, giving regulators the job of defining the loans and determining how securities issuers of securities can satisfy the rules. They are doing that now. READ MORE

In a leaked news story rumor, President Obama will nominate North Carolina Banking Commissioner Joseph A. Smith Jr. to be chief regulator for Fannie Mae and Freddie Mac along with the 12 Federal Home Loan Banks. Since FHFA was formed in 2008 it is had an acting director (Ed DeMarco). Freddie and Fannie, in case you're new to the business today, have had over $150 billion in Federal aid but paid out nearly $20 billion in preferred dividends. Smith, who has a law background, helped implement laws regulating mortgage brokers and lenders in North Carolina in 1999 became the first state to enact predatory lending laws to restrict high-cost and subprime loans.

A few years back OneWest Bank absorbed the carcass of IndyMac. Yesterday OneWest purchased a $1.4 billion, 600 multifamily and commercial real estate loan portfolio from Citibank as it expands its CRE lending business. "This portfolio purchase represents our ongoing commitment to commercial real estate lending," said the CEO.

The MBA, American Bankers Association, American Financial Services Association, Community Mortgage Banking Project, Consumer Bankers Association, CMC, Housing Policy Council, and the Independent Community Bankers of America all want the Federal Reserve and HUD to make the merger of the TILA and RESPA mortgage disclosures a "first priority" and halt other related rule changes. As most know, the Dodd-Frank bill calls for numerous changes to regulations that have compliance folks pulling their hair out. Back in September a TILA proposal surfaced that covered changes to reverse mortgage disclosures, mortgage borrowers' rights of rescission and certain unfair acts and practices. FULL STORY

Ginnie Mae will allow issuers to pool mortgages processed through the FHA's Short Refinancing Program. Ginnie doesn't buy and sell mortgages, but instead guarantees investors the timely payment of principal and interest on mortgage-backed securities containing federally insured loans like FHA and VA products. There is already $14 billion set aside from TARP to encourage mortgage servicers to support write-downs of second mortgages and provide coverage for a share of potential losses on the new loans. This month Ginnie will begin disclosing the concentration of FHA short refinance loans in pools, providing investors the amount of loans, the unpaid principal balance, and the percentage of the loans compared to the total dollar amount in the pool.

Speaking of FHA, the Federal Housing Commissioner announced a new mortgage insurance product that "will help current homeowners make energy-efficient home improvements". It is called the FHA PowerSaver, and gives us yet another word with a capital in the middle of it. Investors may actual go along with it - as we know, some programs offered by the agencies either don't make it to originators, or have investor-based risk overlays. Starting next year the FHA PowerSaver "will extend financing for credit-worthy borrowers to make cost-effective, energy-saving improvements to their homes." Only a limited number of lenders can participate (to be eligible, lenders must be approved participants in either the FHA Title I or Title II programs, and if selected lenders will be required to target PowerSaver loans to markets that have already taken affirmative steps to expand home energy improvements). PowerSaver loans will only be available to borrowers with credit scores of at least 660, total DTI's no higher than 45 percent, and combined loan-to-value ratios (including the PowerSaver loan) of no more than 100 percent. FHA insurance will cover up to 90 percent of the loan amount with the lenders retaining the remaining risk. Consumers will be able to borrow up to $25,000 with loan terms up to 20 years. Interest rates are expected to be 5 - 7 percent, comparable to or lower than other home-improvement finance options. READ MORE

Zillow began cranking out its property value reports 3-4 years ago, which is why so many people view the company as never coming out with any good news. Its latest report, dissecting the dire straits that the South Florida market is in, was in a similar vein. About 45% of homes sold in September in Palm Beach, Broward and Miami-Dade counties went for a loss. And 42% of single-family homeowners with a mortgage are "underwater," owing more than the properties are worth, and South Florida home values have tumbled 53% in the last 4 years and are now back to where they were in July 2002. Only Ocala and Bend, Ore., had higher declines. READ MORE

State Bank & Trust, headquartered in North Dakota, is buying Minnesota's Bell Mortgage. Bell has only been around for 130 years - a real "newbie". The deal combines the largest independently owned bank in Minnesota, North Dakota and South Dakota with the tri-state area's largest private mortgage company. Bell Mortgage has 180 employees at 28 offices in the Twin Cities; Phoenix; and Bozeman, Mont. State Bank & Trust has more than 500 employees at 14 sites and assets of more than $1.9 billion.

GMAC announced to its correspondent clients that GMACB will accept conventional appraisals completed by LandSafe for Bank of America in response to Bank of America leaving the wholesale mortgage market, for applications purchased by GMACB dated on or before December 31, 2010. "All LandSafe for Bank of America appraisals delivered to GMACB must comply with the following requirements: The file must have the HVCC compliance certificate on a Bank of America form or letterhead, and it must comply with all HVCC and all GMACB guidelines." The Client assumes responsibility for the accuracy of the appraised value and compliance with HVCC.

PHH recently updated its minimum FICO scores for FHA fixed purchase, rate/term refinance, and CO refinance loans. "A minimum representative credit score of 640 is required for all borrowers as determined by either a three repository merged credit report or a residential mortgage credit report", being bumped up from 620.

Today Flagstar Bank will be increasing the price adjustment for loans with LPMI that have properties in Florida from a hit of .25 to a hit of .55. Flagstar also changed its employment and income underwriting guidelines for rental income. "For rental income to be used to qualify, it must appear on the borrower's filed tax returns except for owner-occupied two-unit residences. For owner-occupied two-unit properties, net cash flow may be used to qualify for purchase transactions with a loan-to-value less than or equal to 75%. The lesser of 75% of the lease amount or the amount from the operating income statement (Form 216) will be used to qualify. A minimum 680 credit score is required and two months' PITI reserves must be documented."

Back to the fixed income markets, which yesterday were closed in the US.  Pretty much the only scheduled economic news ahead of us is the University of Michigan's Consumer Sentiment Index. (It slid to 67.7 in October, the lowest level since November 2009, but is expected to increase slightly.) As mentioned yesterday, Wednesday's $16 billion 30-yr auction was not so hot.
www.mortgagenewsdaily.com/channels/...-refinance-bell-phh.aspx

nach seiner vorliebe, hier "bildchen" einzustellen....


ist user bernd99..... entweder 11 jahre und ein kindskopf

                              oder 99 jahre alt und senil



gruss
winner

Bernd99, geh uns Bitte nicht mit Deinen blöden Smilies auf den Sack.....

Die kannste im ICQ oder sonst wo posten, aber bitte nicht hier, das nervt einfach....

Wennst ned aufhörst piss ich in die Hose vor Lachen was sag ich dann meiner Frau !
GUTE NACHT

Hy Bernd, Du warst auch schon mal besser,
hast wohl schon einen zuviel ? Kann vorkommen bei "WAMU".
Kommt "ALLE" zurück zu "united  INTERNATIONAL" und schließt Euch an,wir können nur
"GEMEINSAM" !!!! eine Chance haben.
Im übrigen, VD und gleichgesinnde sollten Ihre Kraft nicht hier verschwenden, auch wenn Sie recht haben ( hoffenlicht nicht !!!!!).
Die grundätzlichen Frage ist "Warum verschwendet VD so viel Zeit,Kraft.Strom,Lebenszeit( seine eigene),wenn heir alles so aussichtslos ist ??
Wer ist,bezahlt und fördert VD ??
Für mich einer, der Unruhe stiften möchte  !!!
So viel Zeit zur " BEKEHRUNG der VERLOHRENEN SHKLEN" zu verschwenden ist für mich  persönlich
zu kostbare LEBENSZEIT.
Welche GRÜNDE hat VD also, sich so viel Mühe zu geben, uns zu "BEKEHREN" ????
Wer bezahlt diesen "GUTMENSCH" ??????
ercoan

bitte den jungen mann Bernd99 entfernen. hält ja keiner aus

das ist genau der selbe schmonzes, den wir bei wamu gesehen haben:

"BofA said that, .....would decline from 427 offerings with a face value of about $352 billion to about 22 offerings valued at about $31 billion."

das ist mal der erste schritt, wie bei den marta claims von 39 mrd auf 10,8, hier bei der bofa von 352 mrd auf 31 mrd.

und, jetzt wirds dann witzig, die 10,8 mrd sind nicht der schaden, die sind das nominale der wertpapiere.

stellt euch das ungefähr vor wie bei den caymans, wamu hat z.b. für 10 mrd hypotheken in einen trust eingebracht, und den nun für 5 mrd verkauft. z.b. an die marta pensions funds.
jetzt gehen einige dieser hypothekenkredite den bach runter, sprich werden nicht mehr bedient. was bedeutet das? nun, das ist nicht ein totalverlust, sondern die immobilie dahinter wird nun zwangsversteigert, und das dabei erzielte geld in den trust eingebracht.
das kann momentan je nachdem wo die immobilie liegt, einen verlust von 0 - 40% bedeuten.
wenn man also annimmt, dass etwa 20% der zugrundeliegenden hypothekenkredite platzen, und der mittlere verlust bei 20% liegt, dann würde das für die 10,8 mrd etwa 10.800 x 0,2 x 0,2 = 432 mio dollar bedeuten.
dafür hat wamu aber 14,8 mrd oder 14.800 mio dollar zur seite gelegt, die jpm übernommen hat.

die gemeinheit an der sache ist doch, das die wallstreet und der chicago mob unter obama alles so hergerichtet haben, dass sich eine gütliche einigung der banken mit den hypothekeneignern nicht mehr lohnt.

als beispiel, wenn bei mir bei der raika jemand mit seinem hypothekenkredit in schwierigkeiten kommt, dann wird die bank schaun, dass sie ihm entgegenkommt, raten reduzieren, oder umschulden.

aber jpm und die bofa haben ja ihre eigenen zocker oder kasinoabteilungen, sprich investmentbanken. da zahlt es sich aus, den kredit fällig zu stellen, das haus zwangszuversteigern, und mit dem erzielten kapital zu arbeiten.

der kredit wäre erst in zehn oder zwanzig jahren zurückgezahlt worden, mit einem zock auf silber oder noch besser einer silbermarktmanipulation hat jpm das kapital schon in ein oder zwei jahren wieder eingenommen.

ein hurra auf den turbokapitalismus a la obama ......

Washington Mutual Inc. (WAMUQ.PK) Collapses After Examination Results
by Pinkinvesting on Nov 12, 2010
Washington Mutual, Inc. (PINK:WAMUQ), which was named “the biggest bank failure in U.S. History” by the media, has just recently went through a major stock value collapse. On Nov. 2, WAMUQ stock went from $0.165 down to $0.0625 per share, losing 62.12% of its value. On this day, trading volume surged to 119 million traded shares which is more than 10 times the average value.[BANNER] The day before WAMUQ stock plummeted, a court-appointed examiner admitted to the public that shareholders...
PrevNext
www.traderplanet.com/commentaries/view/...examination_results/

And Bair has been far harsher when it comes to some of the biggest and most systemically important banks, notably Citigroup. In the aftermath of the crisis, Bair not-so-privately expressed reservations about CEO Vikram Pandit's ability to streamline the company and clean up its balance sheet as rapidly as she believed was necessary. The bad blood between the two dated back to Bair's support for Wells Fargo's bid to acquire Wachovia in the fall of 2008—a bid that blindsided Pandit and others at Citi who had believed they already had an agreement in place to acquire Wachovia.

Over the months that have passed, the conflict between the two has gone from being at boiling point to merely a gentle simmer; still, Pandit is unlikely to lament her departure. Nor is Treasury Secretary Timothy Geithner, who, during the debate over financial reform, emerged as more of an advocate for allowing behemoths like Citi to remain giants while Bair advocated a policy that might have led to breaking apart institutions deemed "too big to fail."

At the heart of Bair's actions during her time at the FDIC has been a commitment to safeguarding the health and integrity of the organization itself and protecting the banking insurance fund it administers. When she took on the post in June 2006—appointed for a five-year term by then-President George W. Bush—the waters were calm and few anticipated the hurricane that was looming. Still, Bair was astute enough to recognize that the banking system wasn't prepared to withstand too much turmoil. To the extent that banks competed against each other to maintain the lowest possible capital levels (thus increasing leverage and, potentially, earnings), they were playing "a game with no winners," Bair warned anyone listening in a speech two years after her appointment and just as the financial crisis was beginning to take shape.

During that crisis, the FDIC oversaw the sale or closure of about 300 failed banks. Some of them—such as IndyMac or Washington Mutual—were large institutions or became household names. But the vast majority were small institutions, known only to residents in their local area—places like Bradenton, Florida; Alpharetta, Georgia; and Loup City, Nebraska. "In almost every bank-failure scenario, there has been an effort made by management and also sometimes by potential investors to shore the bank's capital up to the point where it could squeak by a little longer, just to keep it alive," says one Washington-based lawyer who has worked on issues involving small-bank regulation. With a handful of exceptions, however, Bair didn't cut them any slack—any financial institution, large or small, that had a hole in its balance sheet too big to fill and leave behind a newly stable bank simply didn't deserve a rescue package.

But Bair has been particularly alert to the dangers involved in treating all banks as if they were the same kind of entity. Even before the financial crisis hit, when the controversial topic of the day was still the overdraft fees being levied by banks, Bair made a point of explaining to smaller and regional banks that they weren't the targets of concern by policymakers and regulators. "I remember her pointing out to one gathering that included a lot of trade association in the Northeast that was chock-full of community banks that this was an opportunity for them to distinguish themselves" from their rivals who were charging excessive fees for overdrafts and other services, says one industry insider.

Another individual familiar with banking regulation under Bair's tenure credits her with arguing in favor of restrictions on nonbank institutions owning FDIC-guaranteed banks—a growing trend that was perceived as a competitive threat by smaller banks in particular.

Bair, a longtime Republican who made her Capitol Hill debut in 1981 as an aide to then-Senate Majority Leader Robert Dole (they're both from Kansas), hasn't always clung to the party line when pragmatism argued against it: She publicly declared her view that the initial bailout package proposed by the Bush administration wouldn't be enough to help struggling homeowners. That didn't erode her credibility with Republicans, however, even as Democrats respected the expertise she gleaned working for such varied bodies as the New York Stock Exchange, the Commodity Futures Trading Commission, and the Treasury Department, as well as in academia.

She received a Profile in Courage Award last year, in company with former CFTC chair Brooksley Born for trying to sound an early warning about the looming financial crisis, as well as a Liberian peace activist. "I'm particularly pleased to be joining two other female awardees who stood up when some of their male counterparts failed to act, or worse, actively fought them," Bair said on receiving her award from the John F. Kennedy Library Foundation.

When the crisis hit and some of the steps being proposed to restore health to financial institutions either disproportionately affected smaller banks or didn't make sense for that constituency, Bair showed that she was willing to speak out—always assuming that her criticisms or suggestions didn't jeopardize the overall health and well-being of the FDIC and its insurance fund.

The most obvious example of that was Bair's support for a lower special assessment on banks last year. Originally, the suggestion had been to levy a charge of 20 cents on every $100 of insured deposits, in an attempt to bring the insurance pool closer to pre-crash levels after a rash of failures. When community banks pointed out this would cripple their earnings and their viability, the FDIC eventually voted 4-1 to charge a fee of only 5 cents per $100 of assets, a move it calculated would still boost the FDIC pool (from which depositors in failed institutions are reimbursed) back to nearly $24 billion. At the time, Bair made the point that the new rule was "equitable" and didn't create an undue burden on any particular group.

A more controversial case in which Bair has used her credibility in the interests of smaller institutions came in the case of the Dodd-Frank Act, when she spoke out in favor of giving those banks exemption from some forms of direct oversight by the new consumer protection agency, pointing out that they were less systemically important and could be monitored effectively by other agencies.

She also supported allowing banks with less than $500 million in assets (and that don't get involved in nonbanking activities, like loan securitization or asset management, and that meet some other tests) to continue treating trust-preferred securities as Tier 1 capital. For many small institutions—especially those that are still mutually owned banks rather than banks owned by shareholders—that was crucial. "These are the only type of securities a mutual institution can sell to raise fresh capital without jeopardizing its status," points out one banking attorney.

Ask a dozen bankers from smaller institutions or community banks what they think of Sheila Bair and her tenure at the FDIC, and they'll likely come up with a laundry list of gripes. But most will also concede that she has been remarkably evenhanded as a regulator—and been attentive to the distinctive needs of smaller banks even during the worst banking crisis since the 1930s.

Even though her successor probably won't confront the tough issue of saving the entire banking system from collapse, he or she will find big shoes to fill. There are no hints yet on who that successor might be or what Bair plans to do next—although her CV includes a stint as an author of two children's books, Rock, Brock, and the Savings Shock and Isabel's Car Wash, both of which try to teach young children the importance of good money management.

Wherever her career path leads her, Bair is one of a tiny handful of individuals to emerge from the financial crisis with a stronger reputation and even—gasp—some moral authority. "She has credibility—and where she believed it to be appropriate and in the best interests of all concerned, she has used that on behalf of this group," says one unnamed Washington lawyer.

That sounds like the best kind of professional epitaph any Washington power p
Read more: www.portfolio.com/industry-news/...mmunity-banks#ixzz1571FssqP

12th, 2010
It always amazes how calm and self assured news journalist are when commentating about the collapse of the 2nd largest Bank in US history. And the sheer fact that many will lose a considerable portion of their life savings. The economics correspondent makes reference to the Massive losses (on the stock market) by Washington Mutual and National City bank. Washington Mutual alone lost 34.8 (Monday July 14208) So one has to ask , what’s next? considering the massive losses by Washington Mutual, I will refer to an Article by Jonathan Stempel (REUTERS) SEPTEMBER10,2007 quoting WASHINGTON MUTUAL INC. “Washington Mutual Inc said on Monday that most US housing markets are weakening, creating a “near perfect storm” that may force the largest US savings and loan to set aside more money for bad loans”. Well that has obviously happened, which is why there was such a run on INDYMAC because of their staggering default rates on the loans packaged by the company. SO is WASHINGTON MUTUAL next? David Goldman from CNNMONEY writes “WaMu responded after the market close with a statement, saying it is sufficiently capitalized, with more than $40 billion in excess liquidity after it recently raised $7.2 billion in capital. That statement is nearly identical to the statement made by INDYMAC before their collapse. I closed my account with WASHINGTON MUTUAL over a year ago, so none of this surprises me. Regarding INDYMAC, I was becoming so frustrated by the outright Blackout with video and photo …
th.shiroblog.info/archives/3137.html

danke und Respekt für Deine unermütliche Recherche!
Immer korrekt mit Quelle verlinkt. Besser geht's nicht.

Es sollten sich hier Einige mal nen Beispiel nehmen, anstatt großes Palaver zu machen.

Bitte weiter so!

Gruß
Oli

   Customers of the two failed institutions should continue to use their former branches until they receive notice from Ameris Bank that it has completed systems changes to allow other Ameris Bank branches to process their accounts as well. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards. Loan customers should continue to make their payments as usual.

   As of September 30, 2010, Tifton Banking Company had total assets of $143.7 million and total deposits of $141.6 million, and Darby Bank & Trust Co. had total assets of $654.7 million and total deposits of $587.6 million. Besides assuming all the deposits from the two Georgia institutions, Ameris Bank will purchase virtually all their assets.

   The FDIC and Ameris entered into a loss-share transaction on $560.2 million of the failed institutions’ assets. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit:www.fdic.gov/bank/individual/failed/lossshare/index.html.

   Customers who have questions about today’s transactions can call the FDIC toll free: for Tifton Banking Company customers, 1-800-822-0412, and for Darby Bank & Trust Co. customers, 1-800-823-5028. The phone numbers will be operational this evening until 9:00 p.m. Eastern Standard Time (EST); on Saturday from 8:00 a.m. to 6:00 p.m. EST; on Sunday from noon until 6:00 p.m. EST; and thereafter from 8:00 a.m. to 8:00 p.m. EST.

If you should have any further questions, please do not hesitate to visit the FDIC website for Darby Bank & Trust Co.

Posted in FDIC FAILED BANKS | No Comments »
Tifton Banking Company, Tifton, GA
November 12, 2010 – 6:28 pm

Tifton Banking Company, Tifton, GA, is one of two failed Georgia banks to bring the total of FDIC insured tailed institutions to 145 on the year. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24.6 million for Tifton Banking Company.

   Tifton Banking Company, Tifton, Georgia and Darby Bank & Trust Co., Vidalia, Georgia, were closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Ameris Bank, Moultrie, Georgia, to acquire the banking operations, including all the deposits, of the two failed Georgia-based institutions. The two closed institutions were not affiliated with one another.

   The branches of the two closed institutions will reopen as branches of Ameris Bank under their normal business hours, including those with Saturday hours. Depositors will automatically become depositors of Ameris Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage up to the applicable limits. Tifton Banking Company operated one branch in Tifton, Georgia, and Darby Bank & Trust Co. operated seven branches in Georgia.

   Customers of the two failed institutions should continue to use their former branches until they receive notice from Ameris Bank that it has completed systems changes to allow other Ameris Bank branches to process their accounts as well. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards. Loan customers should continue to make their payments as usual.

   As of September 30, 2010, Tifton Banking Company had total assets of $143.7 million and total deposits of $141.6 million, and Darby Bank & Trust Co. had total assets of $654.7 million and total deposits of $587.6 million. Besides assuming all the deposits from the two Georgia institutions, Ameris Bank will purchase virtually all their assets.

   The FDIC and Ameris entered into a loss-share transaction on $560.2 million of the failed institutions’ assets. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit:www.fdic.gov/bank/individual/failed/lossshare/index.html.

   Customers who have questions about today’s transactions can call the FDIC toll free: for Tifton Banking Company customers, 1-800-822-0412, and for Darby Bank & Trust Co. customers, 1-800-823-5028. The phone numbers will be operational this evening until 9:00 p.m. Eastern Standard Time (EST); on Saturday from 8:00 a.m. to 6:00 p.m. EST; on Sunday from noon until 6:00 p.m. EST; and thereafter from 8:00 a.m. to 8:00 p.m. EST.

If you should have any further questions, please do not hesitate to visit the FDIC website for Tifton Banking Company.
bankimplode.com/blog/