Security Pacific Bank of Los Angeles, California was closed by the FDIC last Friday. The agency had a busy weekend as this was the second bank seized by the government on Friday. Pacific Western Bank assumed the deposits of the failed bank.
Final Stats (9/30/08):
Tier 1 leverage ratio - 3.14%
Tier 1 risk-based capital ratio - 3.71%
Total risk-based capital ratio - 5.00%
Noncurrent loans to loans - 19.94% at 6/30/2008.
News reports say that the bank was done in by loans to Homebuilders in the Inland Empire area of California.
Sunday, November 9, 2008
FDIC Seizes Security Pacific Bank
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment