Aurora Bank

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Not to be confused with Aurora Bank (Philippines).
Aurora Bank
Industry Banking
Financial services
Founded Wilmington, Delaware (1921)
Headquarters Brandywine Building, 1000 West Street, Wilmington, Delaware, U.S.
Products Consumer Banking
Mortgage Loans
Commercial Services
Business Services
Employees 1,900 (2010)
Website www.aurorabankfsb.com

Aurora Bank is a federal savings bank (FSB) headquartered in Wilmington, Delaware. It is a mid-size bank that offers full-scale banking services. Aurora Bank was founded on January 1, 1921 in Wilmington, Delaware under the name of Delaware Savings And Loan Association.[1][2] On January 2, 1958, deposits made to the bank were first insured by the Federal Deposit Insurance Corporation (FDIC).[1] In 1988, the bank was renamed to Delaware Savings Bank, FSB.[2] On April 1, 2009, the bank changed its name to Aurora Bank, FSB.[3] Aurora Bank was a subsidiary of Lehman Brothers Bancorp. In June 2012, Aurora Bank exited most of the financial services business, with accounts transferred to other companies.

Aurora Bank is regulated by the Office of the Comptroller of the Currency[4] and the Federal Deposit Insurance Corporation.[1]

Aurora Bank has offices in California, Colorado, Indiana, Missouri, Nebraska, New Jersey and New York and offers:

  • Retail Banking
  • Residential Mortgages
  • Residential Servicing
  • Residential Subservicing
  • Correspondent Lending
  • Commercial Loan Servicing
  • Third-Party Commercial Servicing

Aurora Bank FSB is chartered by the Office of Comptroller of the Currency and is a member of the Federal Home Loan Bank System; its deposits are insured to the extent permitted by law by the Federal Deposit Insurance Corporation (FDIC).[1]

Subsidiaries[edit]

Aurora Bank owns Aurora Loan Services, LLC in Littleton, Colorado,.[5][6]

Exit[edit]

In June 2012, Aurora Bank exited much of the financial business. Deposit accounts were transferred to New York Community Bank. Commercial services were closed and accounts transferred to various other servicers. Home mortgage servicing was also closed, with most mortgages transferred to Nationstar Mortgage and some to Selene Finance.

Lawsuits[edit]

A class action lawsuit is currently filed against Aurora Loan Services.[7]

References[edit]

  1. ^ a b c d Aurora Bank, FSB Federal Deposit Insurance Corporation. Retrieved November 25, 2010
  2. ^ a b Banking OnGreen. Retrieved November 23, 2010
  3. ^ Office of the State Bank Commissioner Annual Report for 2009 State of Delaware, December 31, 2009. Retrieved November 24, 2010
  4. ^ Aurora Bank, FSB Office of Comptroller of the Currency. Retrieved November 25, 2010
  5. ^ Aurora Bank Hoovers. Retrieved November 24, 2010
  6. ^ Aurora Loan Services, LLC Bloomberg BusinessWeek. Retrieved November 25, 2010
  7. ^ Aurora Loan Services Class Action Lawsuit. Retrieved January 11, 2012

External links[edit]