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Commercial Real Estate News

Four More CRE Lenders Fail

Banks in Florida, Georgia and Arizona Closed and Sold
July 18, 2011
55 banks have now failed across the country with the addition of four more at the close of business last Friday. Commercial real estate loans accounted for 79% of the total lending made by the four institutions and most of that was for nonresidential properties. Combined, the four banks held $158 million in distressed or delinquent CRE assets - about 23% of their total assets.

In Georgia, Ameris Bank in Moultrie acquired the banking operations of High Trust Bank in Stockbridge and One Georgia Bank in Atlanta. In Arizona, Summit Bank in Prescott purchased The Foothills Bank in Yuma. And in Florida, Premier American Bank in Miami acquired First Peoples Bank in Port Saint Lucie.

The four banks were closed today by state regulators appointed the Federal Deposit Insurance Corp. (FDIC) as receiver for each institution. The FDIC expects to lose more than $129 million on the four deals

High Trust Bank had two branches, and as of March 31, 2011, High Trust Bank had total assets of $192.5 million.

One Georgia Bank had one branch and total assets of $186.3 million.

The FDIC and Ameris Bank entered into loss-share transactions on the two failed banks' assets. The loss-share transaction for High Trust Bank was $164.8 million, and the loss-share transaction for One Georgia Bank was $146.3 million.

Summit Bank in Arizona operated one branch and as of March 31 had $72 million in total assets.

First Peoples Bank in Florida operated six branches and as of March 31 had $228.3 million in total assets.

Premier American Bank, which acquired First Peoples Bank, will change its name to Florida Community Bank later this month.

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