Four more banks fail; toll for year to date is 68
The biggest bank to fail was 1st Pacific Bank of California, which was the subject of a December enforcement order by the Federal Reserve.
The Federal Deposit Insurance Corp. was appointed as receiver for 1st Pacific and arranged for City National Bank, of Los Angeles, to take over the closed bank’s six branches, its $291.2 million in deposits and its $335.8 million in assets.
City National agreed to pay a 1.62 percent premium for 1st Pacific’s deposits, and entered into a loss-sharing deal with the FDIC on $275.7 million of the San Diego-based institution’s assets.
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