Banking regulators today shut down MetroPacific Bank in Irvine, and immediately sold most of its deposits to Sunwest Bank in Tustin.
MetroPacific Bank’s one office will reopen Monday as Sunwest, according to the Federal Deposit Insurance Corp. MetroPacific customers can access their money over the weekend via bank cards and by writing checks.
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MetroPacific’s failure will likely cost $29 million to the FDIC’s insurance fund, the agency said. The FDIC is only keeping control of about $6 million in deposits from brokers. MetroPacific had a total of $73 million in deposits on June 8.
Sunwest is also buying virtually all of MetroPacific’s $80 million in assets, the FDIC said.
The California Department of Financial Institutions seized MetroPacific and immediately turned it over to the FDIC.
Three other banks in other states failed today. Read more at the FDIC’s Web site. And read the release on MetroPacific HERE.
FDIC closed 4 banks today (26 June)
69 banks failed since 2008, 25 in 2008 and 44 in 2009 till now.
So far 14 banks failed only in Georgia since 2008 and 9 this year alone.
Behind is the California with 10 bank failures since 2008 , 5 each in 2008 and 2009
Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009
And on google map see where the banks are failing at :
http://portalseven.com/finance/Failed_Banks_Map_2009.jsp
Some statistics about the bank failures :
Community Bank of West Georgia, Villa Rica, GA :
# 41st bank to fail this year in USA
# 8th bank to fail this year and 13th since 2008 from Georgia state.
# As of May 15 has $199.4 million in assets and $182.5 million in deposits
Neighborhood Community Bank, Newnan, GA :
# 42nd bank to fail this year in USA
# 9th bank to fail this year and 14th since 2008 from Georgia state.
# As of March 31 has $212 million in assets and $190 million in deposits
# CharterBank, West Point, Georgia Assumes All of the Deposits of bank
Horizon Bank, Pine City, MN:
# 43rd bank to fail this year in USA
# 1st bank to fail this year and 2nd since 2008 from Minnesota state.
# As of March 31 has $84 million in assets and $69 million in deposits
# All deposit accounts, excluding certain brokered deposits, have been transferred to Stearns Bank N.A., St. Cloud, MN
Metro Pacific Bank, Irvine, CA :
# 44th bank to fail this year in USA
# 5th bank to fail this year and 10th since 2008 from California state.
# As of March 31 has $75 million in assets and $70 million in deposits
# All non-brokered deposit accounts have been transferred to Sunwest Bank, Tustin, CA
Mirae Bank in Los Angeles just bit the dust.
Now the tally is 5 banks; 45 failures this year!
Grab a score card!
http://finance.yahoo.com/news/Regulators-shut-5-banks-45-apf-28092677.html?x=0&sec=topStories&pos=3&asset=&ccode=
This will be a big blow to the local economy in OC
Barack Hussein is going to fix EVERYTHING.
Green shoots! Things are turning around! People are hiring right now if you speak Spanish exclusively and will work for 6 dollars an hour!
Buy now or be priced out forever. Millions of people are moving here with their retirement wealth and they will buoy the California back to its normal level where each resident is house rich!
Once again we can thank The Federal Reserve Act of 1913 for this.
Save America.
Abolish the Federal Reserve.