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U.S. regulators seize Palm Desert bank, sell assets

April 27, 2012|By E. Scott Reckard

Palm Desert National Bank was seized by regulators Friday and sold to Pacific Premier Bank of Costa Mesa, which promised to be open for business as usual Monday. 

The Federal Deposit Insurance Corp. said depositors of the one-branch bank would be unaffected because Pacific Premier agreed to take all $123 million in Palm Desert deposits.

Pacific Premier President Stephen Gardner said customers of the Palm Desert bank "will continue to conduct business as normal with the employees with whom they have built a solid long-term relationship." 

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