Friday, November 06, 2009

Bank Failure #120: United Commercial Bank, San Francisco, California

by Calculated Risk on 11/06/2009 09:40:00 PM

Sunrise in the East
United Commercial Bank
Sunsets in the West

by Soylent Green is People

From the FDIC: East West Bank, Pasadena, California Assumes All the Deposits of United Commercial Bank, San Francisco, California
United Commercial Bank, San Francisco, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of October 23, 2009, United Commercial Bank had total assets of $11.2 billion and total deposits of approximately $7.5 billion. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.4 billion. ... United Commercial Bank is the 120th FDIC-insured institution to fail in the nation this year, and the 14th in California. The last FDIC-insured institution closed in the state was Pacific National Bank, San Francisco, which closed on October 30, 2009.
A late night whale makes five ...