Friday, May 07, 2010

Bank Failures #67 & 68: Arizona and California

by Bill McBride on 5/07/2010 08:09:00 PM

Intermittent fail
Stopping and starting Friday's
A long road ahead.

Like hollowed pumpkins
Scooped out, carved up, value-less
Fearful faces left.

by Soylent Green is People

From the FDIC: Commerce Bank of Arizona, Tucson, Arizona, Assumes All of the Deposits of Towne Bank of Arizona, Mesa, Arizona
Towne Bank of Arizona, Mesa, Arizona, was closed today by the Arizona Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of March 31, 2010, Towne Bank of Arizona had approximately $120.2 million in total assets and $113.2 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $41.8 million. Towne Bank of Arizona is the 67th FDIC-insured institution to fail in the nation this year ...
From the FDIC: City National Bank, Los Angeles, California, Assumes All of the Deposits of 1st Pacific Bank of California, San Diego, California
1st Pacific Bank of California, San Diego, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver....

As of March 31, 2010, 1st Pacific Bank of California had approximately $335.8 million in total assets and $291.2 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $87.7 million. .... 1st Pacific Bank of California is the 68th FDIC-insured institution to fail in the nation this year, and the fifth in California.
That makes four today.