Western Commercial Bank was closed today Friday, November 5, 2010.
Western Commercial Bank was merged into First California Bank in Westlake Village after being closed by the state Department of Financial Institutions.
Western Commercial's $98 million in loans and other assets as well as its $101 million in deposits will be taken over by First California, with the FDIC sharing losses on about $84 million of loans. The FDIC said the failure was expected to cost the nation's deposit insurance fund $25.2 million.
First Vietnamese American Bank in Los Angeles was also closed earlier today due to its poor performance. The bank will be taken over by Los Angeles-based Grandpoint Bank and will reopen Saturday as a branch of the Grandpoint Bank, the FDIC said
The bank is the 143rd institution issured by the Federal Deposit Insurance Corp. (FDIC) to fail in the nation this year, and the 12th in California. The bank's failure will cost the FDIC's Deposit Insurance Fund 9.6 million dollars.
Western Commercial Bank closed November 5, 2010
First Vietnamese American Bank closed November 5, 2010
Innovative Bank closed April 16, 2010
Butte Community Bank closed August 20, 2010
Pacific State Bank closed August 20, 2010
First Regional Bank closed February 1, 2010
For more information on bank closings visit FDIC
Seeking information on Mr. Franks and his associates. Seeking information on FVAB and any related blogs created on or about July 2010, including blogspot sites.
Loretta Hunnicutt
