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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles FDIC Closes 2 California Banks December 19, 2009 9:34 a.m. EST | More Topics: Business, United States Windsor Genova - AHN News Writer Santa Monica, CA, United States (AHN) - The Federal Deposit Insurance Corporation (FDIC) has closed southern California's First Federal Bank and Imperial Capital Bank. The closed banks' deposits were transferred to OneWest Bank of Pasadena and City National Bank of Los Angeles. OneWest agreed to assume deposits in all 39 branches of the 80-year-old FFB, the FDIC said Friday. The branches have been renamed OneWest. Likewise, ICB's six branches in California, one in Maryland and two in Nevada will reopen Monday as CNB. FFB and ICB are the third- and fourth-largest bank in California in terms of assets. Both succumbed to unpaid loans and mortgages with FFB's losses in the last seven quarters now totaling $547 million and that of ICB totaling $112 million in the last three quarters of the year. FDIC's share of the losses will run to $146.3 million for FFB and $619.2 million for ICB. The latest closures bring to 16 the number of losing California banks that have been shut down and to a total of 140 banks closed nationwide this year. | More Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2009 AHN All Rights Reserved

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