Posts Tagged ‘bank holding company’

Legislative Update—U.S. House of Representatives

May 28th, 2013 Comments off

From the Manufactured Housing Institute (MHI)’s newsletter MHProNews learns Rep. Blaine Luetkemeyer (R-MO), a member of the House Financial Services Committee, has introduced the Community Lending Enhancement and Regulatory Relief Act (CLEAR Act). H. R. 1750 is designed to help smaller financial institutions obtain capital and provide loans to their clients. The newsletter says: “Among the changes included in the bill is an increase from $500 million to $5 billion in the threshold included in the Federal Reserve’s Small Bank Holding Company capital guidelines, relief from escrow requirements, mortgage relief for loans held in portfolio and an increase in the smaller servicer exemption threshold from 5,000 to 20,000 loans.”

(Image credit: Manufactured Housing Institute)

MetLife Selling Mortgage Servicing Portfolio

November 5th, 2012 Comments off

BusinessWire informs MHProNews JPMorgan Chase Bank, N.A. is purchasing MetLife Bank, N.A.’s approximately $70 billion mortgage servicing portfolio as MetLife continues to divest itself of its bank holding company structure, a move it began in 2011 when it decided to no longer sell residential mortgages. MetLife Bank President Jim Rose said, “ Since that time, MetLife has entered into agreements to sell MetLife Bank’s deposit business to GE Capital, sold the bank’s warehouse finance business to EverBank, (and) sold the bank’s reverse mortgage servicing rights to Nationstar.” MetLife will return to its focus on insurance and employee benefits where it serves 90 million customers. While the company’s retail banking business, including mortgages, accounted for less than two percent of its 2011 earnings, the $70 billion servicing portfolio will increase Chase’s $1.1 trillion servicing business by over five percent.

(Image credit: bankrate)

TN Bank Snapped Up by Clayton

June 18th, 2012 Comments off

KnoxNews says Clayton Bank and Trust of Knoxville, Tennessee will take over the assets and operations of all four branches of Farmers Bank of Lynchburg, TN that were shut down by regulators on Friday, June 15. According to the Federal Deposit Insurance Corporation (FDIC), Farmers had $156.4 million in deposits as of March 31, 2012, and those deposits will automatically become part of Clayton Bank, and will continue to be insured by the FDIC. On Saturday, Farmers four banks opened as branches of Clayton Bank and Trust, which will pay the FDIC a premium of 0.1 percent to assume the deposits of Farmers. Jim Clayton, who founded Clayton Homes in 1966 and built it into the largest producer of manufactured housing in the U.S., entered the banking business in 1993, and is now CEO of Clayton BankCorp, parent of Clayton B&T. Clayton Homes was sold to Warren Buffett’s Berkshire Hathaway in 2003 for $1.7 billion. MHProNews has learned Clayton BankCorp is a $706 million multi-bank holding company based in Knoxville.

(Photo credit: Rainmaker Software, Inc.–Jim Clayton)

Hamilton takes Helm at Clayton Bank and Trust

January 2nd, 2012 Comments off has learned that Clayton Homes founder Jim Clayton has chosen Alabama banker Eric Hamilton as president and CEO of Clayton Bank and Trust of Knoxville, Tennessee. Clayton, 77, stepped back into the role after Matt Daniels left in 2007, and had hoped to fill the position the following year, but says, “We had challenges in adapting systems and staffing and everything that it takes to support our growth and the new regulatory requirements.” KnoxNews reports Hamilton had served as president and CEO of Aliant Bank in Alabama since 2007. Clayton says he met Hamilton after Clayton Homes acquired Southern Energy Homes of Addison, AL, and notes that the focus of Clayton Bank and Trust is different than the commercial real estate emphasis of Aliant. “One of the reasons I took the position was having the opportunity to come to work for a bank that’s very well-capitalized,” says Hamilton. Clayton Bank earned $6.2 million in 2010, and had a profit of almost $6.9 million through Q3 2011. Clayton continues to serve as chairman and CEO of the bank holding company that also owns American City Bank of Tullahoma and Bank of Camden.

(Photo credit: Adam Briner/KnoxNewsSentinel)