Friday, April 27, 2012

Bank Failure #22: Palm Desert National Bank, Palm Desert, California

by Bill McBride on 4/27/2012 09:20:00 PM

A tattered banker
Crawling along the desert
Deposits ... Cash ... Help!
by Soylent Green is People

From the FDIC: Pacific Premier Bank, Costa Mesa, California, Assumes All of the Deposits of Palm Desert National Bank, Palm Desert, California
As of December 31, 2011, Palm Desert National Bank had approximately $125.8 million in total assets and $122.8 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20.1 million. ... Palm Desert National Bank is the 22nd FDIC-insured institution to fail in the nation this year, and the first in California.
That makes five today ... and we haven't seen a California bank fail since last September.

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