City National buys 1st Pacific Bank

BY CITY NEWS SERVICE

Branches of San Diego-based 1st Pacific Bank of California reopened Monday as branches of Los Angeles-based City National Bank after the bank’s six branches were closed by government regulators, according to the Federal Deposit Insurance Corp.

First Pacific Bank customers automatically became depositors of City National Bank and continue to be insured by the FDIC.

LaJuan Williams-Young of the FDIC said 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 8 a.m. and 8 p.m. weekdays, 9 a.m. and 6 p.m. Saturday, and noon and 6 p.m. Sunday. Information is also available at www.fdic.
gov/bank/individual/failed/1stpacific.html.

First Pacific is the 68th FDIC-insured institution in the nation to fail this year, and the fifth in California. In December, La Jolla-based Imperial Capital Bank faced a similar fate, with its nine branches also bought by City National.

All eight of 1st Pacific’s branches were in San Diego County.

“City National has been serving San Diego for more than 30 years, and this acquisition underscores our expanding commitment to the community,” City National Chief Executive Officer Russell Goldsmith said.

As of March 31, 1st Pacific had about $335.8 million in total assets and $291.2 million in total deposits, according to Williams-Young.

In addition to assuming all the deposits of the bank, City National Bank agreed to buy essentially all of 1st Pacific’s assets.

City National Bank will pay the FDIC a premium of 1.62 percent to assume all of 1st Pacific’s deposits.

The FDIC and City National Bank entered in a loss-share transaction on $275.7 million of 1st Pacific’s assets.

City National Bank will share in the losses on the asset pools covered under the loss-share agreement.

Williams-Young estimated that 1st Pacific’s failure will cost the FDIC’s Deposit Insurance Fund $87.7 million.

Related posts:

  1. 1st Pacific Bank closed; will reopen as City National Bank
  2. SD National Bank absorbed by U.S. Bank after feds step in
  3. Regulators close La Jolla Bank; will reopen as OneWest Bank
  4. Pacific Western takes over
  5. City Council agrees to bank loan to prevent Shores default

Short URL: http://www.delmartimes.net/?p=2567

Posted by on May 13, 2010. 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

  • Look how you’ve grown! La Jolla Secret Garden tour celebrates 16 years
    The upcoming Secret Garden Tour of La Jolla, a fundraiser for the La Jolla Historical Society, has come a long way from its first venture in 1999. Event co-founder Linda Marrone said, over time, the committee came up with ways to change and improve the tour, creating the “successful” event it is today. […]
  • La Jolla Community Calendar April 17-24
    Bird Rock Elementary will hold new student registration for the 2014-2105 school year, 1:30-3:30 p.m. Wednesday, April 23 in the Bird Rock Elementary auditorium, 5371 La Jolla Hermosa Ave. An enrollment packet can be picked up in the office in advance to be completed before the registration date. (858) 488-0537. […]
  • Thanks for the non-memories
    When I considered whether to go to my 40th high school reunion — my first reunion ever — the first thing I thought about was whether I’d have to confront my high school nemesis, Medusa (not her real name). […]

RANCHO SANTA FE NEWS

RANCHO SANTA FE NEWS

RSS RANCHO SANTA FE NEWS