LA Security Pacific Bank Shut Down

Shortly after Franklin bank was closed Los Angeles based Security Pacific Bank was shut down by regulators.  The AP article is quoted as:

WASHINGTON (AP) — Regulators have shut down Los Angeles-based Security Pacific Bank, marking the 19th failure this year of a federally insured bank.

The Federal Deposit Insurance Corp. was appointed receiver of Security Pacific Bank. It had $561.1 million in assets and $450.1 million in deposits as of Oct. 17.

The FDIC says all of the bank’s deposits will be assumed by Pacific Western Bank, a unit of San Diego-based PacWest Bancorp. Its four offices will reopen Monday as branches of Pacific Western.

That makes 19 banks this year that have not survived due to the mortgage and credit crisis.  I will go in much more depth in the near future as to all of the closings and bankruptcies.