Friday, November 7, 2008

Security Pacific Bank, Los Angeles, CA

U.S. bank regulators have seized Security Pacific Bank of Los Angeles, California, making it the 19th US bank to fail this year. Pacific Western Bank, also from Los Angeles, will acquire all the deposits of Security Pacific, the Federal Deposit Insurance Corp said.

The Security Pacific Bank of Los Angeles was closed Friday by regulators, the 19th bank in the nation seized this year.

Security Pacific, with $561.1 million in assets and $450.1 million in deposits, was shut by the Federal Deposit Insurance Corporation. The agency said the Pacific Western Bank was named receiver. The failed bank’s four offices will open Monday as branches of Pacific Western.

Pacific Western will buy $51.8 million of assets, with the F.D.I.C. retaining the rest for later disposition. Security Pacific is the third California bank to close this year after IndyMac and First Heritage Bank.

You can read the FDIC press release at the official web page.


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