New Jersey Bank Buys New York Bank

Investors Bancorp Inc., Short Hills, N.J., has agreed to acquire Brooklyn (N.Y.) Federal Bancorp Inc., for $10 million total. All shareholders of Brooklyn Federal, except for BFS Bancorp MHC, will receive cash (approximate total $3 million) for their stock. The BFS shares will be converted into shares of Investors.

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As part of the transaction, Investors said it entered into an agreement with an undisclosed real estate investment fund to sell most of Brooklyn Federal’s commercial real estate loan portfolio concurrent with the deal closing. Any loans not sold will be hedged with that fund. As of June 30, that portfolio totaled $208 million.

Investors will retain $82 million in residential mortgages from Brooklyn Federal.

Daily Briefing | Wednesday, August 17, 2011

  • Hang Tough on Principal Writedowns, New Group Tells AGs

    A new coalition of faith-based and community organizing groups is calling on the state attorneys general to “stand firm” in their negotiations with the major banks and require principal reductions on underwater mortgages as part of any settlement.

  • Mortgage Delinquency Rates Rise in July

    The national delinquency rate for loans 30 or more days past their payment date but not in foreclosure is at 8.34% through July 2011.

  • Flagstar Sells Branches to First Financial

    Flagstar Bancorp, Troy, Mich., is selling 22 retail banking branches in Indiana to First Financial Bancorp, Cincinnati, for a 7% premium on $328 million in deposits. The deal should result in a one-time gain of $23 million.

  • Veros Adds First Lender to its UCDP Direct Connection

    Veros Real Estate Solutions said it’s connected a “large lender” to its custom interface with the Uniform Collateral Data Portal.

  • New Web Portal for Foreclosure Mediation Coming Soon

    GMAC Mortgage and the state of Maryland are working on a web portal that will exchange foreclosure mediation documents electronically.

  • RMIC Parent Has Ratings Cut

    A.M Best Co., Oldwick, N.J., has cut its financial strength ratings to “A” from “A+” and issuer credit ratings to “a-” from “aa+” of the property/casualty units of Old Republic International Corp., Chicago, in large part because of the problems the parent company is having with Republic Mortgage Insurance Co.

  • Ryan Appointed CSBS’ New CEO

    The Conference of State Bank Supervisors has promoted John Ryan to be its new president and chief executive.

  • Hill Oversees SunTrust Mortgages

    Atlanta-based SunTrust Banks Inc., said C.T. Hill, its corporate executive vice president and head of consumer banking and mortgage, would now have his primary focus on the company’s mortgage business.

  • CFPB Rules Allow Sharing of Bank Exam Information

    The new Consumer Financial Protection Bureau could “potentially” share the results of its examinations of large banks with state attorneys general, according to KL Gates attorneys.

  • Knights of Columbus Expands MBS Case

    The Knights of Columbus late Tuesday said in a press release that it has expanded a case against the Bank of New York as trustee for 18 residential mortgage-backed securities trusts originally issued by Countrywide with additional claims of breach of contract, among other things.

  • Mortgage Interest Rates Hit Low for Year

    Stock market volatility drove rates on the 30-year fixed-rate mortgage to hit a new low point for the year but it also contributed to a pull-back in the purchase market, holding the increase in mortgage application volume to just 4.1% for the week ended Aug. 12, according to the Mortgage Bankers Association.

  • REO Allegiance to be Part of New Inspection Program

    Property preservation provider REO Allegiance, Bayonne, NJ, has been selected to be part of a new inspection program created by Atlas REO Services to protect foreclosed homes.

  • ‘Typical’ July Looks Good – On Paper – in Houston

    July was a “typical” month for housing sales in the Houston metro area, according to the local Realtors group. But because of last year’s federal tax credits, which tended to push sales forward to beat the April 30 deadline, July’s sales figures look somewhat stronger than they actually are.

Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_412/nj-bank-buys-ny-bank-1026161-1.html?CMP=OTC-RSS

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