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Many Employees At Small Bank Closed On Friday --- 2016: 11 Full Time Employees; 2011: 344 Full Time Employees

Proficio Bank, Cottonwood Heights, Utah, was closed with Cache Valley Bank, Logan, Utah, to assume all of the deposits. The bank was formed May 1, 2000. As of December 31, 206 the bank had 11 full time employees year-end 2016; however, December 21, 2015, the bank reported to the FDIC they had 75 full time employees. 2088 had 124 employees, 2011 had 344 employees, 2012 had 814 full time employees. Tier 1 risk-based capital ratio: 3.58%.

Proficio Bank was formerly known as Volvo Commercial Credit Corp. a Utah Industrial Loan Company, purchased by NHB Holdings, which changed its name to Proficio Bank in January 2007 and converted it into a commercial state chartered bank, as noted in the bank equity numbers below.

The Company was formed when executives from the relocation, homebuilding, and real estate brokerage industries perceived an opportunity to create a new specialty bank that would serve the specific needs of industries whose business involves the purchase, sale, or financing of a home.
http://www.businesswire.com/news/home/20070129006299/en/Proficio-Bank-Offer-Unique-Specialized-Banking-Mortgage

NHB, originally a Florida based group, has many investor complaints on line from Florida as well as other states. Proficio evidently need the high number of employees as their website stated they were in "Was in Relocation Funding, SBA Loans"

Website stated:
"Proficio Bank has two core business lines: commercial lending conducted through the Bank and mortgage lending conducted through PMV. Proficio Bank is a business bank and specialty lender. Proficio Bank has a niche strategy of serving the financial needs of the corporate relocation industry and 'in-market lending' to small‑ and middle-market borrowers in the Salt Lake City metropolitan areas.

(In Millions, unless otherwise noted)

Net Equity
2006 $2.6
2007 $82.7
2008 $28.0
2009 $27.2
2010 $18.5
2011 $12.0
2012 $24.8
2013 $25.2
2014 $12.5
2015 $4.5
2016 $2.3
   
Profit  
2006 $69,000
2007 - $3.3
2008 -$5.2
2009 -$2.6
2010 -$10.4
2011 -$6.6
2012 $6.3
2013 $884,000
2014 -$13.6
2015 -$8.3
2016 -$4.1
   
Non-Current Loans
2006 0
2007 0
2008 $2.6
2009 $7.4
2010 $9.9
2011 $9.9
2012 $6.3
2013 $3.2
2014 $2.9
2015 $3.9
2016 $1.0

Charge Offs
(In millions, unless otherwise noted)

Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans (non-owner occupied).

2006 0
2007 0
2008 $594,000 ($492,000 1-4 residential, $102,000 land development/other land)
2009 $628,000 ($343,000 1-4 residential, $285,000 land
development/other land)
2010 $7.8 ($4.3 construction/land; $4,150 constr./land dev., $1.8
commercial/industrial $1.3 nonfarm/nonres., $303,000 1-4 family,
$299,000 owner-occupied nonfarm/nonres., $212,000 construction
1-4 family)
2011 $3.2 ($2.9 commercial/industrial, $308, nonfarm/non
residential, $308, other nonfarm/nonres, -$11,000 1-4 family
residential, -$11,000 construction other land development).
2012 $854,000 ($720,000 nonfarm/nonresidential, $125,000
commercial/industrial, $9,000 construction/land)
2013 $799,000 ($799,000 nonfarm/nonresidential, -$20,000
commercial/Residential)
2014 $487,000 ($510,000 commercial/industrial, $137,000
nonfarm/nonresidential, -$160,000 1-4 family)
2015 -$210,000 (-$138,000 1-f family, -$54,000 nonfarm,
nonresidential, -$18,000 commercial/industrial)
2016 -$149,000 (-$148,000 nonfarm/nonresidential, -$1,000
commercial/industrial).
(note: figures from FDIC bank filings)

As of December 31, 2016, Proficio Bank had approximately $68.2 million in total assets and $65.0 million in total deposits. In addition to assuming all of the deposits of the failed bank, Cache Valley Bank agreed to purchase $60.1 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.0 million.

FDIC Press Release
https://www.fdic.gov/news/news/press/2017/pr17019.html

List of Bank Failures:
http://www.fdic.gov/bank/individual/failed/banklist.html

Leasing News Bank Beat:
http://www.leasingnews.org/Conscious-Top%20Stories/Bank_Beat.htm

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.