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.