Friday, November 07, 2008

Down goes Security,,,Down goes Security

Two on one Friday:

Security Pacific Bank, Los Angeles, California, was closed today by the Commissioner of 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 Pacific Western Bank, Las Angeles, California, to assume all of the deposits of Security Pacific.

The four branches of Security Pacific will reopen on Monday as branches of Pacific Western. Depositors of the failed bank will automatically become depositors of Pacific Western. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Pacific Western can fully integrate the deposit records of Security Pacific.

Over the weekend, depositors of Security Pacific can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

3 comments:

Max said...

Wow, Security Pacific. I guess that rumor about the FDIC shopping for space in Irvine might be true.

This is going to be a long road.

And it looks like Anon beat us both. :) The west coast bank failure might become a regular Friday feature...

Bakersfield Bubble said...

I left to do some work because I figuered there would only be one per Friday...maybe this means we get two every Friday.

I think you are correct - that they have hired the staff for California closings....

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