Failed Banks, Class Of 2015 - SNL Financial Report

Jan. 23, 2015 1:03 PM ET
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Internet, Long/Short Equity, Portfolio Strategy, Banks

Contributor Since 2009

Christopher "Kit" Menkin is of editor LeasingNews.org (http://www.leasingnews.org/), an internet trade publication for the finance/leasing industry. He has 46 years experience in the finance/leasing industry as well as being a founder of a commercial regional bank and serving on several company board of directors. He was a syndicated business columnist in news from Silicon Valley, California, for 12 commercial newspapers in the 1970's and early 1980's. Prior to getting into the financial business, he was a West Coast News Producer for ABC-TV News, Managing Editor KGO-TV News, San Francisco, California, and news editor at KFRC News, San Francisco, California. His three times a week news edition posted at www.leasingnews.org is read by over 175,000 in the trade and by related entities each month.

By Daniel M. Burkard and Zuhaib Gull

 

First National Bank of Crestview, which was shuttered by the OCC and placed into receivership Jan. 16, became the first FDIC-insured institution to fail in the U.S. in 2015.

The FDIC, which was named receiver by the OCC, signed a purchase-and-assumption agreement with New Orleans-based First NBC Bank Holding Co. unit First NBC Bank to purchase certain assets and assume certain liabilities of First National Bank of Crestview.

Crestview, Fla.-based First National Bank of Crestview ($79.7 million)

Established in 1956, First National Bank of Crestview operated three branches at the time of its failure. The bank was heavily invested in construction and development and commercial real estate, holding about 70% of its loan portfolio in these categories as of Sept. 30, 2014. At the end of the third quarter of 2014, 5.32% of First National Bank of Crestview's nonresidential construction loans were 30 or more days past due or nonaccruing, making up 27.83% of the bank's total past due and nonaccruing loans.

Tallahassee, Fla.-based First Commerce Credit Union on Aug. 4, 2014, announced plans to acquire First National Bank of Crestview. On Dec. 2, 2014, the Credit Union Times reported that the deal fell through.

Leasing News:
2015 First Bank Failure, a Zombie Bank in Florida

http://leasingnews.org/archives/Jan2015/1_20.htm#bank_beat

 

Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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