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Bank Failure #14: First Regional Bank, Los Angeles, California

By Anonymous

L.A. bank failure,
Gobbled up by East coast bank.
Zero near partners?
by Soylent Green is People
From the FDIC: First-Citizens Bank & Trust Company, Raleigh, North Carolina, Assumes All of the Deposits of First Regional Bank, Los Angeles, California

First Regional Bank, Los Angeles, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 30, 2009, First Regional Bank had approximately $2.18 billion in total assets and $1.87 billion in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $825.5 million. ... First Regional Bank is the 14th FDIC-insured institution to fail in the nation this year, and the first in California. The last FDIC-insured institution closed in the state was Imperial Capital Bank, La Jolla, on December 18, 2009.

Five down, at almost a $2 billion cost to DIF.

Full post as published by Calculated Risk on January 29, 2010 (boomark / email).