Providence Trust Co

Mission Hills Firm to Be Liquidated: Banking regulators in Texas and California moved to liquidate Providence Trust Co., a Texas-based trust company whose Mission Hills office served about 1,650 Californians, after Providence was deemed insolvent. Regulators said Providence took about $3 million in fees that should have been reimbursed to more than 3,000 of its customers in the two states and that liquidation will help those consumers get their share of the money back.

Mission Hills Firm to Be Liquidated: Banking regulators in Texas and California moved to liquidate Providence Trust Co., a Texas-based trust company whose Mission Hills office served about 1,650 Californians, after Providence was deemed insolvent. Regulators said Providence took about $3 million in fees that should have been reimbursed to more than 3,000 of its customers in the two states and that liquidation will help those consumers get their share of the money back.

One day after Gov. Bruce Sundlun declared a bank emergency that shut 45 financial institutions in this state, there was a mood of anger and frustration among depositors who could not get to their cash. "I'm totally devastated," said Sabrina Weston, standing outside the East Providence Credit Union. "I have no money. I have bills to pay. I am at a loss for what to do." Sundlun's action came just hours after he was sworn into office Tuesday.