FIs closed: Canyon National Bank, Palm Springs, California, USA
On Friday, 11 February, 2011, Canyon National Bank, Palm Springs, California was closed by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
The three branches of Canyon National Bank reopened during their normal business hours beginning Saturday as branches of Pacific Premier Bank.
As of 31 December, 2010, Canyon National Bank had approximately USD210.9 million in total assets and USD205.3 million in total deposits.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD10.0 million.
Canyon National Bank is the eighteenth FDIC-insured institution to fail in the USA this year and the first in California.
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