Full announcement from the FDIC
Blue Ridge Savings Bank, Inc., Asheville, North Carolina, was closed today by the North Carolina Office of Commissioner of Banks, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of North Carolina, Thomasville, North Carolina, to assume all of the deposits of Blue Ridge Savings Bank, Inc.
The ten branches of Blue Ridge Savings Bank, Inc. will reopen on Monday as branches of Bank of North Carolina. Depositors of Blue Ridge Savings Bank, Inc. will automatically become depositors of Bank of North Carolina. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Blue Ridge Savings Bank, Inc. should continue to use their existing branch until they receive notice from Bank of North Carolina that it has completed systems changes to allow other Bank of North Carolina branches to process their accounts as well.
This evening and over the weekend, depositors of Blue Ridge Savings Bank, Inc. can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of June 30, 2011, Blue Ridge Savings Bank, Inc. had approximately $161.0 million in total assets and $158.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, Bank of North Carolina agreed to purchase essentially all of the assets.
Customers with questions about today's transaction should call the FDIC toll-free at 1-800-591-2912. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's
Web site at http://www.fdic.gov/bank/individual/failed/blueridge.html.
The FDIC and Bank of North Carolina entered into a loss-share transaction on $143.2 million of Blue Ridge Savings Bank, Inc.’s assets. The Bank of North Carolina will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $38.0 million. Compared to other alternatives, Bank of North Carolina's acquisition was the least costly resolution for the FDIC's DIF. Blue Ridge Savings Bank, Inc. is the 78th FDIC-insured institution to fail in the nation this year, and the second in North Carolina. The last FDIC-insured institution closed in the state was The Bank of Asheville, Asheville, on January 21, 2011.
Blue Ridge Savings Bank, Inc., Asheville, North Carolina, was closed today by the North Carolina Office of Commissioner of Banks, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of North Carolina, Thomasville, North Carolina, to assume all of the deposits of Blue Ridge Savings Bank, Inc.
The ten branches of Blue Ridge Savings Bank, Inc. will reopen on Monday as branches of Bank of North Carolina. Depositors of Blue Ridge Savings Bank, Inc. will automatically become depositors of Bank of North Carolina. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Blue Ridge Savings Bank, Inc. should continue to use their existing branch until they receive notice from Bank of North Carolina that it has completed systems changes to allow other Bank of North Carolina branches to process their accounts as well.
This evening and over the weekend, depositors of Blue Ridge Savings Bank, Inc. can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of June 30, 2011, Blue Ridge Savings Bank, Inc. had approximately $161.0 million in total assets and $158.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, Bank of North Carolina agreed to purchase essentially all of the assets.
Customers with questions about today's transaction should call the FDIC toll-free at 1-800-591-2912. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's
Web site at http://www.fdic.gov/bank/individual/failed/blueridge.html.
The FDIC and Bank of North Carolina entered into a loss-share transaction on $143.2 million of Blue Ridge Savings Bank, Inc.’s assets. The Bank of North Carolina will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $38.0 million. Compared to other alternatives, Bank of North Carolina's acquisition was the least costly resolution for the FDIC's DIF. Blue Ridge Savings Bank, Inc. is the 78th FDIC-insured institution to fail in the nation this year, and the second in North Carolina. The last FDIC-insured institution closed in the state was The Bank of Asheville, Asheville, on January 21, 2011.
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Ain't that Cholly Taylor's bank?
By sharpleycladd
10/14/2011
YUP!
By D. Dial
10/14/2011
This from americanbanker.com
http://www.americanbanker.com/issues/176_200/bank-failures-1043176-1.html
By Jeff Fobes
10/15/2011
The bank implode-o-meter also covered the basic news here:
http://bankimplode.com/blog/2011/10/14/blue-ridge-savings-bank-inc-asheville-north-carolina/
By Jeff Fobes
10/15/2011
I found an American University professor who works Russian organized crime issues. His contacts led to this story:
http://www.themoscowtimes.com/business/article/american-lawmaker-banks-on-ivanovo/222995.html
American Lawmaker Banks On Ivanovo
26 May 2005
By Greg Walters
The bank owned by U.S. Congressman Charles Taylor squats behind a municipal urology clinic on a back street in this small industrial city some 250 kilometers northeast of Moscow.
Unfortunately this story is not posted elsewhere and a subscription is needed. MT is legit and was run at the time be a former AP editor and as you can see the writer was an American. Journalists are happy to do a year or two for a paper like MT to get foreign credits.
Again, NC citizens were not told Taylor's 2004 'trade initiative' was bogus until Hurricane Katrina hit. ANd then Katrina was the story.
Also, BRSB had several bad ratings from the Office of Thrift Supervision pre-2007. So leaving out Charles Taylor and the OTS story doesn't help citizens understand history.
By Viking
10/15/2011
The wiki page on Charles Taylor's involvement in BRSB:
http://tinyurl.com/42wclks
"Taylor founded and remains majority owner/chairman of the board of Blue Ridge Savings Bank in Asheville, NC. In 2006, he reported owning stock in Financial Guaranty Corporation, the holding company for the bank, that was worth more than $50 million.[15] The holding company also owns a Russian bank."
So if this is costing the FDIC (taxpayer) $38 million, will they be going after Chainsaw Charlie?
By Barry Summers
10/16/2011
Technically, it costs the banks, not taxpayers. The FDIC is not an appropriated agency. It taxes insured banks, collecting a risk-based assessment fee twice yearly. Collections are invested in Treasury securities. Generally, the interest on those investments is sufficient to cover all the FDIC's operating expenses, with the excess held in reserve (the Deposit Insurance Fund). It's that reserve, accumulated over the years, that is the source of funds to handle failures. 'Course, taxpayers back up the FDIC in the event the reserve runs dry.
Will the FDIC go after Charlie? Well, if they can make a case that has a reasonable probability of yielding $$$, absolutely. I wouldn't really expect them to be handing anything over to DOJ for a criminal prosecution, but hey, you never know.
By Jake
10/16/2011
I think there's another reason you guys won't post the following comment. I'll send in the most respectful version I can possible swallow again. This is what I understood was the correction Jeff needed.
MX editors/staff can communicate with me in a direct way whenever there is a need to do so. When I've criticized MX it's usually because of communication skills on your part. Again, before having to address whatever the unforeseeable MX staff issues has been, initially all I have ever tried to do is provide useful content for MX.
I think not posting this because I used 'explicative deleted' format insults towards a public figure isn't a good reason, especially if I corrected the offending aspects.
Final Taylor comment submission:
Stay calm. The Feds are handling everything.
$38.0 million. It's like Charlie Taylor's final kiss off to everyone... or is it really his curtain call? What was his real story of influence peddling, here in WNC, in DC and for that matter globally?
The question I always had after looking into this crackpot feudal lord of a US Representative was how much of the land in the NC 11 did he, his family, banks and network own or in other ways control? It's another WNC Mystery Theatre episode still to be written.
In 2006 Citizens for Responsibility and Ethics in Washington helped Shuler (not directly, it's not the CREW way) by laying out the ethics case against Taylor: http://www.mountainx.com/files/CharlesTaylorComplaintFinal.hm.pdf This is what we are heading back to.
Thanks to MX for allowing this item to remain in the public archive. This matter is otherwise buried.
But CREW took their cue from the 1,600 NC 11 citizens who signed a petition asking the same House Ethics Committee to investigate Taylor in 2003. That gave Patsy Keever hope. And the citizen outrage against Taylor and Keever's work made NC 11 look competitive enough for Shuler's walk on role. All of this noble and necessary public action was correct, but is also otherwise buried in Asheville's unwritten history of democratic actions and cases of obscene tyranny.
Now we have Shuler. His actions are not unethical per say given the laws on the books and House Code of Ethics. But is he really ethical in terms of performance? Isn't unmitigated ineptitude a kind of disethics?
Shuler knew jack about politics, congressional dynamics, and certainly the full case against Taylor when Clinton, Emmanuel, the Petersons and the 'NCDP Intelligentsia' had to 'recruit' Taylor. (Shuler is on film reveling in how being recruited by Emmanuel is like being back in the NFL: http://www.housequakethefilm.com/Trailer.html BARF!!)
Whatever the causes of voter laziness and apathy in 2010 (see Citizens United vs FCC Mind Control), it was gratifyingCitizens United vs FCC to know that a minority of WNC citizens and small yet effective and important organizations like CREW were part of getting Americans dialed in on stuff that really matters:
http://edition.cnn.com/2006/POLITICS/11/07/election.exitpolls/
Corruption named as key issue by voters in exit polls
POSTED: 0545 GMT (1345 HKT), November 8, 2006
Shuler was not voted in the first time so much as Americans wanted to at least take a shot at voting out the corruption. It mattered. Please don't give up on great ideals my fellow citizens.
The question remains for this community: Why do we get stuck with so many of the crappy politicians here in North Carolina? I say we deserve better.
Go OWS AVL!!
By Viking
10/16/2011