Northpointe Bank Grand Rapids Michigan


Take a look at the new site

capital2risk.com

That is Chuck Williams in the center the CEO, he wiped this place out

That cat hasn’t missed a meal since 1969

Northpointe Bank Grand, Rapids Michigan was founded in 1990.  For some reason, they aren’t on the problem bank list.  With a Texas ratio of 68%, this place has a problem.

Assets are $258M with equity of $12MM.

The problem loan portfolio is impressive.  They have $17MM in bad loans, with $16MM in non accrual and $2MM in OREO.

Hold on, they have $17MM in bad loans with $12MM in equity.

This place is bankrupt.

Why aren’t they shut down,

Then again, why can’t they at least get a coveted spot on the problem bank list?

$17,000,000 in junk loans is banking in the right direction

They are also good at losing money.  Net income was ($6MM) in FY10 and ($9MM) in FY09.

For some reason, the website won’t tell you who the management team is, or post the financial statements on the website.

I might not know who the management team is, but I know one thing, they wiped out 50% of the equity in 3 years.

Do you have money in this bank.

Would you trust your money with a bank, that won’t reveal it’s financial condition?

They were able to bankrupt this place in record time.

FEDERAL DEPOSIT INSURANCE CORPORATION
WASHINGTON, D.C.
In the Matter of
)
NORTHPOINTE BANK GRAND RAPIDS, MICHIGAN (Insured State Nonmember Bank)
)) )))
)
)
ORDER TO PAY
FDIC-11-176k
Northpointe Bank, Grand Rapids, Michigan
(“Respondent”) has been advised that a penalty under the
Flood Disaster Protection Act (“FDPA”) as amended,
42 U.S.C. § 4012a(f), and Part 339 of the FDIC Rules and
Regulations, 12 C.F.R. Part 339, may be issued only after a
notice detailing the violations and an opportunity for a
hearing on the record. Having waived those rights, the
Respondent and a representative of the Legal Division of
the Federal Deposit Insurance Corporation (“FDIC”) executed
a STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER TO
PAY (“STIPULATION”) dated June 1, 2011 whereby Respondent,
solely for the purpose of this proceeding and without
admitting or denying any violations of law for which civil
money penalties may be assessed, consented and agreed to
pay a civil money penalty in the amount specified below to
the Treasury of the United States.
2
The FDIC has reason to believe that the Respondent has
violated the FDPA and Part 339 of the FDIC Rules and
Regulations. Specifically, on loans secured by property
located in flood hazard areas in which flood insurance has
been made available under the National Flood Insurance Act
of 1968, the Respondent violated:
 Section 339.3(a) of the FDIC Rules and
Regulations, 12 C.F.R. § 339.3(a), by failing
to obtain flood insurance at origination in
seven (7) instances;
 Section 339.3(a) of the FDIC Rules and
Regulations, 12 C.F.R. § 339.3(a), by failing
to maintain flood insurance coverage for the
term of the loan in eleven (11) instances;
 Section 339.3(a) of the FDIC Rules and
Regulations, 12 C.F.R. § 339.3(a), by failing
to obtain adequate flood insurance coverage at
origination of the loan in one (1) instance;
 Section 339.5 of the FDIC Rules and
Regulations, 12 C.F.R § 339.5, by failing to
require the escrow of all premiums and fees for
any flood insurance required under § 339.3, in
three (3) instances; and
3
 Section 339.7 of the FDIC Rules and
Regulations, 12 C.F.R. § 339.7, by failing to
follow force placement insurance procedures in
one (1) instance.
After taking into account the STIPULATION, the
appropriateness of the penalty with respect to the
financial resources and good faith of the Respondent, the
gravity of the violations by the Respondent, the history of
previous violations by the Respondent, and such other
matters as justice may require, the FDIC accepts the
STIPULATION and issues the following:
ORDER TO PAY
IT IS HEREBY ORDERED that a civil money penalty of
$8,855.00 be, and hereby is, assessed against Respondent
pursuant to the FDPA, 42 U.S.C. § 4012a, section 8(i)(2) of
the Federal Deposit Insurance Act, 12 U.S.C. § 1818(i)(2)
and Parts 308 and 339 of the FDIC Rules and Regulations, 12
C.F.R. Parts 308 and 339. The Respondent shall pay the
civil money penalty to the Treasury of the United States.
4
This ORDER TO PAY shall be effective upon issuance.
Pursuant to delegated authority.
Dated at Chicago, IL, this 12th day of July, 2011.
/s/
M. Anthony Lowe
Regional Director

Advertisements

Tags: ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: