Regulators close La Jolla Bank; will reopen as OneWest Bank
La Jolla Bank was closed Friday by government regulators, and its 10 branches will reopen Monday as branches of Pasadena-based OneWest Bank.
La Jolla Bank customers will automatically become depositors of OneWest and continue to be insured by the Federal Deposit Insurance Corp.
Depositors can access their money over the weekend by writing checks or using automated teller machine or debit cards, according to the FDIC. Loan customers should continue making payments as usual.
Customers with questions about the closure can call the FDIC at (800) 894-2927 between 9 a.m. and 6 p.m. Saturday, noon to 6 p.m. Sunday and 8 a.m. to 8 p.m. weekdays.
La Jolla Bank had total assets of $3.6 billion and total deposits of $2.8 billion as of Dec. 31.
OneWest did not pay a premium to assume all the deposits of La Jolla Bank. In addition to assuming all La Jolla Bank’s deposits, OneWest agreed to purchase essentially all of its assets.
La Jolla Bank is the 20th FDIC-insured institution to fail in the nation this year, and the second in California.
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