Regulators closed 2 banks last week, bringing the 2014 year-to-date total to 5.
Millennium Bank, National Association, Sterling, VA
On 2-28-14, the OCC closed Millennium Bank, NA (MB) and named FDIC receiver. WashingtonFirst Bank (WFB), Reston, VA, purchased all of the deposits and paid a 1.0% deposit premium. WFB also purchased essentially all of the failed bank’s assets.
Vantage Point Bank, Horsham, PA
On 2-28-14, the Pennsylvania Department of Banking and Securities closed Vantage Point Bank (VPB) and named FDIC receiver. First Choice Bank (FCB), Mercerville, NJ, purchased all of the deposits and paid a 1.5% deposit premium. FCB also purchased essentially all of the failed bank’s assets.
For more details, check out the Bank Trends Failed Bank Map.
Community banks in Mississippi had a great fourth-quarter as 84 out of 85 banks chartered in the state were profitable. Here are some more Q4 highlights for Mississippi community banks:
- Median pretax ROA was 1.07% in Q4
- Median ROE was 7.26% during the quarter and Net Interest Margin was 3.80%
- Average loan balances increased 8.02%; median Loans-to Deposits ratio was 68%
- Median noncurrent loans to loans ratio was 1.49%
For a great summary of year-end community bank performance, check out this Q4 Bank Analysis from our friends at CenterState Bank. (For more details, download the full slide presentation here.)
Q4 2013 Call Report data is now available in Bank Trends. Subscribers can login here.
Q1 Call Report data is now available in Bank Trends! Subscribers can login here. Not a subscriber? Start your 14-day risk-free trial today!
Arizona regulators closed Gold Canyon Bank on Friday, bringing the 2013 year-to-date total to 5. Click the image above to view the Bank Trends Interactive Failed Bank Map.
Gold Canyon Bank, Gold Canyon, AZ
Q4 Assets: $45.2mm
Texas Ratio: 233%
Estimated Cost to FDIC DIF: $11.2mm
Acquiror: First Scottsdale Bank, N.A., Scottsdale, AZ
Predictions of massive consolidation in the U.S. banking industry are overblown, says U.S. Bancorp’s CEO Richard Davis.
Though most industry experts predict that regulatory and competitive challenges will force scores of banks to sell themselves, the U.S. Bancorp (USB) chairman and chief executive says that if the long-awaited consolidation didn’t occur when many banks were struggling, it’s not going to happen when they are making money again.
“If the boards have decided to carry that cross this far, then they are going to wait,” for the best possible deal, Davis said Tuesday at an investor conference in Boston.
Full Article: http://www.bankinvestmentconsultant.com/news/Bank-Consolidation-Predictions-Overblown-US-Bancorp-Davis-Says-2683641-1.html