(CA) State Closes 1st Pacific Bank of California (4 banks fail 5/7/10)

[UpInArms]

Source: Marketwatch

SAN FRANCISCO, May 07, 2010 (BUSINESS WIRE) -- The California Department of Financial Institutions (DFI) today announced that regulators have closed 1st Pacific Bank of California citing inadequate capital and other material weaknesses.

As of April 30, 2010, 1st Pacific Bank of California, a state-chartered Federal Reserve member bank located in San Diego, had total assets of approximately $312 million and total deposits of approximately $291 million. DFI had ordered it to increase its capital reserves to a safe and sound level, but efforts by the bank to do so were unsuccessful.

Immediately following the closure, the DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of 1st Pacific Bank of California. The FDIC has accepted a bid from City National Bank to acquire the assets and liabilities of 1st Pacific. Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-591-2820.

All branches of 1st Pacific Bank of California will reopen on Monday as branches of City National Bank with no disruption in service. Over the weekend, 1st Pacific Bank's depositors can access their insured deposits by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

Read more: http://www.marketwatch.com/story/state-closes-1st-pacific-bank-of-california-2010-05-07?reflink=MW_news_stmp

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FDIC Failed Bank List

Bank Name	City	State	CERT #	Closing Date	Updated Date
1st Pacific Bank of California	San Diego	CA	35517	May 7, 2010	May 7, 2010
Towne Bank of Arizona	Mesa	AZ	57697	May 7, 2010	May 7, 2010
Access Bank	Champlin	MN	16476	May 7, 2010	May 7, 2010

The Bank of Bonifay	Bonifay	FL	14246	May 7, 2010	May 7, 2010

It's a four-fer Friday!

[happyslug]

1. failed bank list

http://www.fdic.gov/bank/individual/failed/banklist.html