Total deposits at September 30, 2010 decreased to $1.81 billion from $2.03 billion at December 31, 2009, reflecting a $183.3 million decrease in time deposits and a $40.5 million decrease in money market deposit accounts, both of which were due to Intervest National Bank's planned reduction in its deposit rates. Total borrowed funds and related interest payable at September 30, 2010 decreased to $89 million, from $119 million at December 31, 2009, due to the maturity and repayment of $31 million of FHLBNY borrowings. Total stockholders' equity at September 30, 2010 decreased to $164.1 million from $214.1 million at December 31, 2009, primarily due to a net loss of $55.4 million for the nine-months ended September 30, partially offset by the private placement in May 2010 of 850,000 shares of common stock at $5 per share for net proceeds of approximately $4.0 million.
As previously disclosed, Intervest National Bank is operating under a Memorandum of Understanding ("MOU") with its primary regulator that addresses various issues. Although progress has and continues to be made in complying with all of the requirements of the MOU, as previously disclosed we understand that the OCC plans to pursue and enter into a formal agreement with the Bank, which agreement is likely to cover many of the same areas addressed in the MOU, including maintaining minimum capital ratios as set out earlier in this press release. As previously disclosed, if the Bank enters into the formal agreement, it will also not be allowed to accept brokered deposits without the prior approval of its regulator and it would also be required, in the absence of a waiver from the FDIC, to maintain its deposit pricing at or below the national rates published by the FDIC, plus 75 basis points. At September 30, 2010, the Bank's brokered deposits totaled $159.1 million (8.8% of total deposits) and the rates offered on all the Bank's deposit products were at levels at or below the FDIC national rates plus 75 basis points.