Regulators shut Security Pacific Bank in Calif.

[Newsjock]

Source: Associated Press

WASHINGTON (AP) — Regulators have shut down Los Angeles-based Security Pacific Bank, marking the 19th failure this year of a federally insured bank.

The Federal Deposit Insurance Corp. was appointed receiver of Security Pacific Bank. It had $561.1 million in assets and $450.1 million in deposits as of Oct. 17.

The FDIC says all of the bank's deposits will be assumed by Pacific Western Bank, a unit of San Diego-based PacWest Bancorp. Its four offices will reopen Monday as branches of Pacific Western.

Read more: http://www.mercurynews.com/breakingnews/ci_10929797

[not fooled]

1. Wow. I used to bank there.

Opened my first checking account there, IIRC. I remember how conservative they were then in making loans back then. Something tells me things changed; hence, the failure. Not my mother's bank any more!

[DBoon]

2. I don't think it is the same bank

Security Pacific National Bank folded in the prior banking crises (early 1990s)

The new one is related by name only

[Joe Bacon]

5. Yeah, I thought Bank of America bought Security Pacific

I thought they merged about the same time Crocker and Wells Fargo did.

[cypress]

7. Security Pacific Bank is not Security Pacific National Bank

The bank that closed is not related to Security Pacific National Bank that merged with Bank of America.

This is a different Security Pacific Bank. This one was established in February 2005 through a merger between Golden Pacific Bank and Network Bank USA, although they decided to use the same logo as the former Security Pacific National Bank that merged with Bank of America in 1992. (From Wikipedia)"In 1992, Security Pacific Bank merged with San Francisco-based BankAmerica (now called Bank of America), a deal that was at the time one of the largest bank mergers in history."

[Narkos]

3. Goddam socialists! Friggin FDIC are a bunch of commies....

[Sodbuster]

4. I think that is number 19 this year. One folded in Houston

earlier today. Better get a bigger fan.....

[Dr.Phool]

6. It's gonna speed up now. Election's over.

No need to keep up pretenses anymore.

[sarcasmo]

8. Kick for number 19.