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Washington
Inside Washington (08/04/2008)
* WASHINGTON (8/5/08)—First Priority Bank, Bradenton, Fla., offices opened Monday as part of the Atlanta-based SunTrust Bank network after the Florida bank was closed Friday by state regulators and the Federal Deposit Insurance Corp. (FDIC) was named receiver. The FDIC announced that SunTrust Bank assumed the failed bank’s insured deposits for no premium. In addition, SunTrust has agreed to purchase approximately $42 million of First Priority’s assets, comprised mainly of cash, cash equivalents and securities. The FDIC, however, said it entered into a separate agreement with LNV Corp., Plano, Tex., to purchase $14 million in First Priority's assets. LNV Corp. is a subsidiary of Beal Bank Nevada, Las Vegas. The FDIC will retain the remaining assets for later disposition. Over the weekend, First Priority customers were able to access their money via check, ATM or debit card. The FDIC reported that as of June 30, First Priority had total assets of $259 million and total deposits of $227 million. The bank closing was the third in two weeks and the eighth this year … * WASHINGTON (8/5/08)--Lenders and mortgage servicers are being encouraged by Congress and lawmakers to halt foreclosing on borrowers in an effort to help them refinance (American Banker Aug. 4). On Friday, San Diego City Attorney Michael Aguirre asked Bank of America Corp. to place a voluntary moratorium on mortgages from Countrywide Financial Corp. Rep. Barney Frank (D-Mass.) also has requested that lenders slow foreclosures for borrowers that are eligible for a refinancing program expected to begin in October. Consumer groups have suggested a blanket moratorium should be issued, while others say the loan modifications need to be performed individually. Scott Talbot, senior vice president for government affairs at the Financial Services Roundtable, said modifications are done on a case-by-case analysis ...


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