Pacific Western takes over

Pacific Western Bank, based in San Diego, took control of failed Affinity Bank and will assumed responsibility for its customers when doors reopened for business on Saturday, officials announced.

Ventura-based Affinity, which had about $1.2 billion in assets as of July 31, was shutdown by the California Department of Financial Institutions after failing to maintain an adequate level of capital, spokeswoman Alana Golden said.

Representatives of the Federal Deposit Insurance Corp. took immediate control of the bank and accepted Pacific Western’s bid to assume the deposits and most of Affinity’s assets.
At least 84 banks have failed this year amid an ongoing economic downturn.

Pacific Western, which was founded in 1982, has 59 locations in San Diego, Los Angeles, Orange, Riverside and San Bernardino counties. It is a wholly owned subsidiary of PacWest Bancorp.

Related posts:

  1. Solana Pacific community takes on Amazing Quest
  2. City Council agrees to bank loan to prevent Shores default
  3. Community View: Banking industry’s integrity quickly deteriorating
  4. La Jolla researchers to visit Great Pacific Garbage Patch
  5. Thoroughbred set conducts Pacific Classic business at L’Auberge

Short URL: http://www.delmartimes.net/?p=5564

Posted by on Sep 9, 2009. Filed under Archives. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Archives

Facebook

Bottom Buttons 1

Bottom Buttons 2

Bottom Buttons 3

Bottom Buttons 4

Bottom Buttons 5

Bottom Buttons 6

LA JOLLA NEWS

RSS LA JOLLA NEWS

RANCHO SANTA FE NEWS

RANCHO SANTA FE NEWS

RSS RANCHO SANTA FE NEWS

  • Kent Farrington and Blue Angel to compete at inaugural Longines Los Angeles Masters
    Rancho Santa Fe resident Robin Parsky’s Blue Angel and top world-ranked rider Kent Farrington will participate in the inaugural Longines Los Angeles Masters at the Los Angeles Convention Center Sept. 25-28. More than 25 of the best horse-rider combinations will compete for $1 million in prize money. […]
  • Survey shows community doesn’t support bond for new Rancho Santa Fe School gym at this time
    The Rancho Santa Fe School District has received the results from its community interest survey on the possibility to rebuild the school gym. At a July 21 special board meeting, Superintendent Lindy Delaney reported that 54.3 percent of the community is not interested in supporting a bond on the November ballot at this time. “The results showed us the intere […]
  • Fire sprinkler extinguishes garage fire
    On July 24, at 2:02 a.m., firefighters from the Rancho Santa Fe Fire Protection District responded to a residential fire in the 10000 block of Lone Dove Street in 4S Ranch. When they arrived on scene, firefighters found that a single sprinkler head had activated and extinguished a fire in the garage near the water heater. One person was home at the time and […]