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Bailout

: Calculated Risk

Bank Failure #140: First Federal Bank of California, Santa Monica, California

By Anonymous

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One Forty arrives
Sun sets on First Federal
Death by Option ARMs
by Soylent Green is People
From the FDIC: OneWest Bank, FSB, Pasadena, California, Assumes All of the Deposits of First Federal Bank of California, Santa Monica, California

First Federal Bank of California, a Federal Savings Bank, Santa Monica, California, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver....
As of September 30, 2009, First Federal Bank of California had approximately $6.1 billion in total assets and $4.5 billion in total deposits. ...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $146.3 million. ... First Federal Bank of California is the 140th FDIC-insured institution to fail in the nation this year, and the seventeenth in California. The last FDIC-insured institution to be closed in the state was Imperial Capital Bank, La Jolla, earlier today.

That makes seven today ...

Full post as published by Calculated Risk on December 18, 2009 (boomark / email).