Tomorrow is Friday, which bank will the FDIC close?

[davelj]

[quote=drboom]

The “friend” thing is how I wound up in contact with a little bank in Georgia. We didn’t get a “deal” … except that they were amazingly on top of things despite the geography and time difference. My agent had some unkind words for some of the services used in this deal (escrow guys overcharged and were kind of lame, appraiser goofed up, etc.), but he said the lender was “as good as it gets” service-wise. I agree, they were terrific. (Plug: “They” means David Turner at Westside Bank in Hiram, Georgia. He’s done a couple of short sales in California and might welcome more biz from the Land of Tofu.)

The bank was actually just a broker for this loan, so they didn’t fund anything directly.
[/quote]

I know you probably don’t care, but… your WestSide Bank in Hiram, Georgia looks a magnitude worse than SDNB. I’ll be shocked if it survives. 48% of its loans are in construction, almost 10% of the loan portfolio is past due, they lost almost $5 million last year. Horrific deposit base. It’s a total disaster. And things are getting worse. Again, I know you don’t care, but I would expect to see this one seized in the not-too-distant future. Among the worst looking balance sheets I’ve ever seen. Which in a way is not surprising as they have no business doing ANYTHING whatsoever outside of Georgia, much less in California.

[evolusd]

Allan – Last I heard (which was a while ago) he was at International City Bank in Kearny Mesa. However, a quick google search revealed he may now be at Point Loma Community Bank.

CBT’s been a great place to work with lots of good people. Senior management has changed over recently (promotions within) and I’m really impressed with the credit culture and hands-on leadership. I feel proud to be part of the team.

[evolusd]

Allan – Last I heard (which was a while ago) he was at International City Bank in Kearny Mesa. However, a quick google search revealed he may now be at Point Loma Community Bank.

CBT’s been a great place to work with lots of good people. Senior management has changed over recently (promotions within) and I’m really impressed with the credit culture and hands-on leadership. I feel proud to be part of the team.

[evolusd]

Allan – Last I heard (which was a while ago) he was at International City Bank in Kearny Mesa. However, a quick google search revealed he may now be at Point Loma Community Bank.

CBT’s been a great place to work with lots of good people. Senior management has changed over recently (promotions within) and I’m really impressed with the credit culture and hands-on leadership. I feel proud to be part of the team.

[evolusd]

Allan – Last I heard (which was a while ago) he was at International City Bank in Kearny Mesa. However, a quick google search revealed he may now be at Point Loma Community Bank.

CBT’s been a great place to work with lots of good people. Senior management has changed over recently (promotions within) and I’m really impressed with the credit culture and hands-on leadership. I feel proud to be part of the team.

[evolusd]

Allan – Last I heard (which was a while ago) he was at International City Bank in Kearny Mesa. However, a quick google search revealed he may now be at Point Loma Community Bank.

CBT’s been a great place to work with lots of good people. Senior management has changed over recently (promotions within) and I’m really impressed with the credit culture and hands-on leadership. I feel proud to be part of the team.

[davelj]

[quote=Allan from Fallbrook][quote=davelj]This is an old thread that I thought of after Vineyard got seized last week. They made it a hell of a lot longer than I thought they would.

Anyhow, I’m hearing through the grapevine that FBOP Corp. isn’t long for this world. It’s a private bank holding company with 100% of the stock owned by a very nice guy, a once-disciplined banker. But he took on too much construction and development and… bought $1.2 billion of Fannie/Freddie trust preferred that went to zippo. And he levered up. The two killers of banking: concentration and leverage. They’ll get you every time.

Anyhow, FBOP owns San Diego National, Cal National up in LA, and Pacific National in SF, among other banks in Texas, Arizona, and Illinois. I suspect that these will all fail in due course.

Also, locally, it looks like Imperial Capital is headed for the skids. Between Imperial Capital and San Diego National, that’s two fairly large local institutions. For what it’s worth.[/quote]

Dave: Vineyard doesn’t surprise me, they were in extremis for a long while. It’s funny, I happened to drive by their branch off the 15 and the 91 in Corona on my way back from Ontario Airport on Wednesday.

Too bad about SDNB, though. Several of my construction clients back in my consulting days used to bank with them and they had an excellent construction lending and surety bonding support program. Solid mid-level local players like SDNB and Grossmont Bank (before they became CB&T) really helped “grow” San Diego and did so with solidly underwritten loans, smart, careful programs and long-term personal relationships. Soon, it’ll be nothing but big nationals like Wells, BofA and Citi and totally impersonal, automated banking.[/quote]

And down goes SDNB along with all of the other FBOP subsidiaries. Welcome to US Bank!! Uggh.

[davelj]

[quote=Allan from Fallbrook][quote=davelj]This is an old thread that I thought of after Vineyard got seized last week. They made it a hell of a lot longer than I thought they would.

Anyhow, I’m hearing through the grapevine that FBOP Corp. isn’t long for this world. It’s a private bank holding company with 100% of the stock owned by a very nice guy, a once-disciplined banker. But he took on too much construction and development and… bought $1.2 billion of Fannie/Freddie trust preferred that went to zippo. And he levered up. The two killers of banking: concentration and leverage. They’ll get you every time.

Anyhow, FBOP owns San Diego National, Cal National up in LA, and Pacific National in SF, among other banks in Texas, Arizona, and Illinois. I suspect that these will all fail in due course.

Also, locally, it looks like Imperial Capital is headed for the skids. Between Imperial Capital and San Diego National, that’s two fairly large local institutions. For what it’s worth.[/quote]

Dave: Vineyard doesn’t surprise me, they were in extremis for a long while. It’s funny, I happened to drive by their branch off the 15 and the 91 in Corona on my way back from Ontario Airport on Wednesday.

Too bad about SDNB, though. Several of my construction clients back in my consulting days used to bank with them and they had an excellent construction lending and surety bonding support program. Solid mid-level local players like SDNB and Grossmont Bank (before they became CB&T) really helped “grow” San Diego and did so with solidly underwritten loans, smart, careful programs and long-term personal relationships. Soon, it’ll be nothing but big nationals like Wells, BofA and Citi and totally impersonal, automated banking.[/quote]

And down goes SDNB along with all of the other FBOP subsidiaries. Welcome to US Bank!! Uggh.

[davelj]

[quote=Allan from Fallbrook][quote=davelj]This is an old thread that I thought of after Vineyard got seized last week. They made it a hell of a lot longer than I thought they would.

Anyhow, I’m hearing through the grapevine that FBOP Corp. isn’t long for this world. It’s a private bank holding company with 100% of the stock owned by a very nice guy, a once-disciplined banker. But he took on too much construction and development and… bought $1.2 billion of Fannie/Freddie trust preferred that went to zippo. And he levered up. The two killers of banking: concentration and leverage. They’ll get you every time.

Anyhow, FBOP owns San Diego National, Cal National up in LA, and Pacific National in SF, among other banks in Texas, Arizona, and Illinois. I suspect that these will all fail in due course.

Also, locally, it looks like Imperial Capital is headed for the skids. Between Imperial Capital and San Diego National, that’s two fairly large local institutions. For what it’s worth.[/quote]

Dave: Vineyard doesn’t surprise me, they were in extremis for a long while. It’s funny, I happened to drive by their branch off the 15 and the 91 in Corona on my way back from Ontario Airport on Wednesday.

Too bad about SDNB, though. Several of my construction clients back in my consulting days used to bank with them and they had an excellent construction lending and surety bonding support program. Solid mid-level local players like SDNB and Grossmont Bank (before they became CB&T) really helped “grow” San Diego and did so with solidly underwritten loans, smart, careful programs and long-term personal relationships. Soon, it’ll be nothing but big nationals like Wells, BofA and Citi and totally impersonal, automated banking.[/quote]

And down goes SDNB along with all of the other FBOP subsidiaries. Welcome to US Bank!! Uggh.

[davelj]

[quote=Allan from Fallbrook][quote=davelj]This is an old thread that I thought of after Vineyard got seized last week. They made it a hell of a lot longer than I thought they would.

Anyhow, I’m hearing through the grapevine that FBOP Corp. isn’t long for this world. It’s a private bank holding company with 100% of the stock owned by a very nice guy, a once-disciplined banker. But he took on too much construction and development and… bought $1.2 billion of Fannie/Freddie trust preferred that went to zippo. And he levered up. The two killers of banking: concentration and leverage. They’ll get you every time.

Anyhow, FBOP owns San Diego National, Cal National up in LA, and Pacific National in SF, among other banks in Texas, Arizona, and Illinois. I suspect that these will all fail in due course.

Also, locally, it looks like Imperial Capital is headed for the skids. Between Imperial Capital and San Diego National, that’s two fairly large local institutions. For what it’s worth.[/quote]

Dave: Vineyard doesn’t surprise me, they were in extremis for a long while. It’s funny, I happened to drive by their branch off the 15 and the 91 in Corona on my way back from Ontario Airport on Wednesday.

Too bad about SDNB, though. Several of my construction clients back in my consulting days used to bank with them and they had an excellent construction lending and surety bonding support program. Solid mid-level local players like SDNB and Grossmont Bank (before they became CB&T) really helped “grow” San Diego and did so with solidly underwritten loans, smart, careful programs and long-term personal relationships. Soon, it’ll be nothing but big nationals like Wells, BofA and Citi and totally impersonal, automated banking.[/quote]

And down goes SDNB along with all of the other FBOP subsidiaries. Welcome to US Bank!! Uggh.

[davelj]

[quote=Allan from Fallbrook][quote=davelj]This is an old thread that I thought of after Vineyard got seized last week. They made it a hell of a lot longer than I thought they would.

Anyhow, I’m hearing through the grapevine that FBOP Corp. isn’t long for this world. It’s a private bank holding company with 100% of the stock owned by a very nice guy, a once-disciplined banker. But he took on too much construction and development and… bought $1.2 billion of Fannie/Freddie trust preferred that went to zippo. And he levered up. The two killers of banking: concentration and leverage. They’ll get you every time.

Anyhow, FBOP owns San Diego National, Cal National up in LA, and Pacific National in SF, among other banks in Texas, Arizona, and Illinois. I suspect that these will all fail in due course.

Also, locally, it looks like Imperial Capital is headed for the skids. Between Imperial Capital and San Diego National, that’s two fairly large local institutions. For what it’s worth.[/quote]

Dave: Vineyard doesn’t surprise me, they were in extremis for a long while. It’s funny, I happened to drive by their branch off the 15 and the 91 in Corona on my way back from Ontario Airport on Wednesday.

Too bad about SDNB, though. Several of my construction clients back in my consulting days used to bank with them and they had an excellent construction lending and surety bonding support program. Solid mid-level local players like SDNB and Grossmont Bank (before they became CB&T) really helped “grow” San Diego and did so with solidly underwritten loans, smart, careful programs and long-term personal relationships. Soon, it’ll be nothing but big nationals like Wells, BofA and Citi and totally impersonal, automated banking.[/quote]

And down goes SDNB along with all of the other FBOP subsidiaries. Welcome to US Bank!! Uggh.

[Allan from Fallbrook]

Dave: Yeah, I saw an article yesterday about FDIC seizing assets at nine banks, the largest weekly number since the S&L Crisis, and that SDNB and CalNational were amongst them.

I did a lot of work with SDNB back in the day and its a shame to see them go under.

I get the sense that we’re nowhere near finished with this, however, and Bair at FDIC is looking increasingly embattled as the weeks wear on.

[Allan from Fallbrook]

Dave: Yeah, I saw an article yesterday about FDIC seizing assets at nine banks, the largest weekly number since the S&L Crisis, and that SDNB and CalNational were amongst them.

I did a lot of work with SDNB back in the day and its a shame to see them go under.

I get the sense that we’re nowhere near finished with this, however, and Bair at FDIC is looking increasingly embattled as the weeks wear on.

[Allan from Fallbrook]

Dave: Yeah, I saw an article yesterday about FDIC seizing assets at nine banks, the largest weekly number since the S&L Crisis, and that SDNB and CalNational were amongst them.

I did a lot of work with SDNB back in the day and its a shame to see them go under.

I get the sense that we’re nowhere near finished with this, however, and Bair at FDIC is looking increasingly embattled as the weeks wear on.

[Allan from Fallbrook]

Dave: Yeah, I saw an article yesterday about FDIC seizing assets at nine banks, the largest weekly number since the S&L Crisis, and that SDNB and CalNational were amongst them.

I did a lot of work with SDNB back in the day and its a shame to see them go under.

I get the sense that we’re nowhere near finished with this, however, and Bair at FDIC is looking increasingly embattled as the weeks wear on.

[Author]

Posts