1st Pacific Bank closed; will reopen as City National Bank
San Diego-based 1st Pacific Bank of California was closed Friday by government regulators, and its six branches will reopen Monday as branches of Los Angeles-based City National Bank, according to the Federal Deposit Insurance Corp.
1st Pacific Bank customers will automatically become depositors of City National Bank and continue to be insured by the FDIC.
Depositors can access their money over Friday night and over the weekend by writing checks or using automated teller machine or debit cards, according to the FDIC. Checks drawn on the bank will continue to be processed. Loan customers should continue making payments as usual.
Customers with questions about the closure can call the FDIC at (800) 674-8944 between 9 a.m. and 6 p.m. Saturday, noon to 6 p.m. Sunday and 8 a.m. to 8 p.m. weekdays. Information is also available online at www.fdic.gov/bank/individual/failed/1stpacific.html.
As of March 31, 1st Pacific had about $335.8 million in total assets and $291.2 million in total deposits, according to the FDIC.
In addition to assuming all the deposits of the bank, City National Bank agreed to purchase essentially all of 1st Pacific’s assets.
“City National has been serving San Diego for more than 30 years, and this acquisition underscores our expanding commitment to the community,” said City National CEO Russell Goldsmith. “It’s a good fit for the clients of both banks. The addition of 1st Pacific, it’s outstanding colleagues, and its six branches will strengthen City National’s ability to provide clients of both banks, as well as other San Diego entrepreneurs, businesses and professionals, with the outstanding service and financial solutions of America’s 27th largest bank.
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