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

RANCHO SANTA FE NEWS

RANCHO SANTA FE NEWS

RSS RANCHO SANTA FE NEWS

  • Czech violin duo to perform at Village Church in Rancho Santa Fe
    In cooperation with the Consulate General of the Czech Republic, the Czech School San Diego hosts a free classical violin concert by internationally recognized Czech violin player Jaroslav Svecený and his daughter, Julie Svecená, who are on a tour of the United States. The concert will be at 7 p.m. Oct. 27 in the Village Church. The father-daughter duo will […]
  • Rancho Santa Fe weekly sports update
    Torrey Pines defeated Canyon Crest Academy 4-3 in a Palomar League opener for both teams on Oct. 9. Alayna Tomlinson and Farah Farjood each scored two goals to lead the Falcons. Samantha “Sammy” Cirino added one goal and one assist. […]
  • ‘Kachina Dolls and Dances’ to be topic at Rancho Santa Fe Historical Society lecture
    Native American expert Dr. James Kemp will discuss “Kachina Dolls and Dances” from 10:30 a.m.-12:30 p.m. Saturday, Oct. 25, at the Rancho Santa Fe Historical Society. Katsina figures, also known as kachina dolls (in photo at right), were carved typically from cottonwood root by the Hopi people to instruct young girls and new brides about the katsinas, the im […]