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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (138521)	8/1/2008 8:34:55 PM
From: DebtBomb	Read Replies (1) \| Respond to of 306849

Holy Shit....Insolvency Friday....Florida bank closed by FDIC First Priority Bank becomes the eighth bank failure of the year. Branches will reopen as Sun Trust Bank. By Ben Rooney, CNNMoney.com staff writer Last Updated: August 1, 2008: 7:33 PM EDT NEW YORK (CNNMoney.com) -- Federal regulators in Florida closed First Priority Bank Friday, marking the eighth bank failure of the year. The Federal Deposit Insurance Corporation, which was named the receiver of the failed bank, entered into an agreement with Atlanta-based SunTrust Bank (STI, Fortune 500) to assume the insured deposits of First Priority. All six branches of the Bradenton, Fla.-based bank will reopen on Monday as branches of SunTrust. First Priority depositors will automatically become depositors of SunTrust, the FDIC said. First Priority had assets of $259 million and total deposits of $227 million, according to the FDIC. That includes $13 million in uninsured deposits held in approximately 840 accounts that potentially exceeded the federal insurance limits. Account holders with more than the $100,000 insured limit will essentially "become a creditor" of the failed bank, said FDIC spokesman Andrew Gray. Those accounts will be credited as the FDIC sells more of the failed bank's assets, Gray said. SunTrust Bank will purchase approximately $42 million of the failed First Priority's assets, which are comprised mainly of cash, cash equivalents and securities. Separately, LNV Corporation, a subsidiary of Beal Bank Nevada, to purchase $14 million in First Priority's assets. The remaining $171 million in assets will be sold by the FDIC. Proceeds of these sales will be used to pay creditors including bank clients whose accounts exceed the $100,000 limit. Customers with accounts in excess of $100,000 should contact the FDIC toll free at 1-800-837-0215. First Published: August 1, 2008: 6:56 PM EDT money.cnn.com

To: patron_anejo_por_favor who wrote (138521)	8/1/2008 8:38:33 PM
From: Perspective	Read Replies (1) \| Respond to of 306849

Wow, no wonder - nearly 20% of loans were non-current, and equity had fallen to 5% of assets - all as of March 31. FDIC report: First Priority Bank 4702 Cortez Road West Bradenton, FL 34207 FDIC Certificate #: 57523 Bank Charter Class: NM Definition First Priority Bank Bradenton, FL March 31, 2008 First Priority Bank Bradenton, FL March 31, 2007 Performance and Condition Ratios 1 % of unprofitable institutions N/A N/A 2 % of institutions with earnings gains N/A N/A Performance Ratios (%, annualized) (Year-to-date) (Year-to-date) 3 Yield on earning assets 5.84% 7.61% 4 Cost of funding earning assets 4.52% 4.43% 5 Net interest margin 1.32% 3.17% 6 Noninterest income to earning assets 0.12% 0.12% 7 Noninterest expense to earning assets 4.04% 2.92% 8 Net operating income to assets -4.59% -0.46% 9 Return on assets (ROA) -4.59% -0.46% 10 Pretax return on assets -4.59% -0.75% 11 Return on equity (ROE) -89.36% -3.52% 12 Retained earnings to average equity (YTD only) -89.36% -3.52% 13 Net charge-offs to loans 8.28% 0.20% 14 Credit loss provision to net charge-offs 33.58% 717.53% 15 Earnings coverage of net loan charge-offs (x) -0.37 2.29 16 Efficiency ratio 281.06% 88.80% 17 Assets per employee ($ millions) 4.93 4.44 18 Cash dividends to net income (YTD only) 0 0 Condition Ratios (%) 19 Loss allowance to loans 4.13% 1.79% 20 Loss allowance to noncurrent loans 21.56% 77.83% 21 Noncurrent assets plus other real estate owned to assets 15.65% 1.76% 22 Noncurrent loans to loans 19.14% 2.30% 23 Net loans and leases to deposits 92.07% 86.85% 24 Net loans and leases to core deposits 139.80% 135.83% 25 Equity capital to assets 4.79% 12.61% 26 Core capital (leverage) ratio 4.25% 13.07% 27 Tier 1 risk-based capital ratio 4.79% 13.69% 28 Total risk-based capital ratio 5.87% 14.73% Memoranda: 29 Average assets 261,949 253,554 30 Average earning assets 241,251 240,780 31 Average equity 13,456 33,162 32 Average loans 206,561 196,465 `BC