FIs closed: Sonoma Valley Bank, Sonoma, California, USA
On Friday, August 20, 2010, Sonoma Valley Bank, Sonoma, California, USA was closed by the California Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Westamerica Bank, San Rafael, California, to assume all of the deposits of Sonoma Valley Bank.
The three branches of Sonoma Valley Bank will reopen on Saturday as branches of Westamerica Bank.
As of 30 June, 2010, Sonoma Valley Bank had approximately USD337.1 million in total assets and USD255.5 million in total deposits.
Westamerica Bank will pay the FDIC a premium of 2.0 percent to assume all of the deposits of Sonoma Valley Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD10.1 million.
Sonoma Valley Bank is the 118th FDIC-insured institution to fail in the USA this year and the tenth in California.
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