FIs Closed: San Luis Trust Bank, FSB, San Luis Obispo, California, USA
On Friday, 18 February, 2011, San Luis Trust Bank, FSB, San Luis Obispo, California, USA 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 First California Bank, Westlake Village, California, to assume all of the deposits of San Luis Trust Bank, FSB.
The sole branch of San Luis Trust Bank, FSB will reopen on Tuesday as a branch of First California Bank.
As of 31 December, 2010, San Luis Trust Bank, FSB had approximately USD332.6 million in total assets and USD272.2 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 USD96.1 million.
San Luis Trust Bank, FSB is the twenty-second FDIC-insured institution to fail in the USA this year and the third in California.
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