FIs closed: Los Padres Bank, Solvang, California, USA
On Friday, 20 August, 2010, Los Padres Bank, Solvang, California 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 Pacific Western Bank, San Diego, California, to assume all of the deposits of Los Padres Bank.
The 14 branches of Los Padres Bank will reopen on Monday (today) as branches of Pacific Western Bank.
As of 30 June, 2010, Los Padres Bank had approximately USD870.4 million in total assets and USD770.7 million in total deposits.
Pacific Western Bank will pay the FDIC a premium of 0.45 percent to assume all of the deposits of Los Padres Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD8.7 million.
Los Padres Bank is the 117th FDIC-insured institution to fail in the USA this year and the eighth in California.
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