SoCal Bank Fails
San Diego bank to assume deposits
A SoCal bank fails -- making it the 19th failure.
Saturday, Nov 8, 2008 Updated at 12:21 PM PDT
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.