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.
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