FIs closed: La Jolla Bank, FSB, La Jolla, California, USA
On Friday, 19 February, 2010, La Jolla Bank, FSB, La Jolla, CA was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with OneWest Bank, FSB, Pasadena, California, to assume all of the deposits of La Jolla Bank, FSB.
The ten branches of La Jolla Bank, FSB will reopen today (Monday) as branches of OneWest Bank, FSB.
As of 31 December, 2009, La Jolla Bank, FSB had approximately USD3,600 in total assets and USD2,800 million in total deposits.
OneWest Bank, FSB did not pay the FDIC a premium for the deposits of La Jolla Bank, FSB.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD882.3 million.
La Jolla Bank, FSB is the 20th FDIC-insured institution to fail in the USA this year, and the second in California.
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