May 8, 2010 |
Los Angeles-based City National Bank, the largest bank headquartered in Southern California, got a little bigger late Friday by acquiring a failed San Diego financial institution immediately after it was seized by federal regulators. Under a deal with the Federal Deposit Insurance Corp., City National agreed to assume all $250 million of deposits of the local customers of 1st Pacific Bank of California. 1st Pacific's six branches will reopen Monday and continue to operate under 1st Pacific's name until they are rechristened as City National Bank offices in the next few months, said City National spokesman Cary Walker.
November 14, 2009 |
Bank regulators seized Pacific Coast National Bank of San Clemente on Friday and immediately sold it to Tustin's Sunwest Bank. Pacific Coast's two branches, in San Clemente and Encinitas, will reopen Monday as branches of Sunwest, the Federal Deposit Insurance Corp. said. Sunwest agreed to assume all of Pacific Coast's deposits, so no depositors will lose money, the FDIC said. Pacific Coast's customers can gain access to their money as usual over the weekend by writing checks or using their ATM or debit cards, the agency said.
August 29, 2009 |
Regulators shut down Affinity Bank of Ventura late Friday, saying its capital cushion against losses had been severely depleted by problems with construction loans and commercial mortgages. Affinity's 10 branches -- four in Ventura County, two in Los Angeles County, one in Orange County and three in Northern California -- are to reopen as branches of San Diego-based Pacific Western Bank. The Federal Deposit Insurance Corp. said Pacific Western had agreed to assume all of the deposits held by Affinity.
June 27, 2009 |
Regulators shut down community lenders Mirae Bank in Los Angeles' Koreatown district and MetroPacific Bank in Irvine on Friday, saying both were operating with dangerously low capital cushions against losses. This brought the number of bank failures this year in California to six. The five branches of Mirae Bank will reopen Monday as part of Wilshire State Bank, a larger Koreatown bank that will assume all $362 million of Mirae's deposits. Wilshire, whose parent company is Wilshire Bancorp Inc.
November 8, 2008 |
Crippled by loans to Inland Empire developers and home builders, Security Pacific Bank of West Los Angeles was shut down Friday by regulators, who said L.A.-based Pacific Western Bank would take over its four branches. Depositors of the failed bank will have their $450 million in accounts transferred to 60-branch Pacific Western, which also is buying some of Security Pacific's loans, the California Department of Financial Institutions and the Federal Deposit Insurance Corp. said.
November 6, 2003 |
Pacific Union Bank, a Los Angeles-based institution with a largely Korean American clientele, was put up for sale this week by its majority owner, Korea Exchange Bank, the fifth-largest bank in South Korea. Korea Exchange, which owns 62.5% of Pacific Union Bank's stock, put the shares in a trust on Monday, after Lone Star Funds, a Dallas private-equity group, completed a purchase of 51% of Korea Exchange for $1.2 billion, marking the largest foreign investment in a Korean bank.