SoCal Bank Fails

San Diego bank to assume deposits

Saturday, Nov 8, 2008  |  Updated 12:21 PM PDT
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SoCal Bank Fails

A SoCal bank fails -- making it the 19th failure.

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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.

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