Two more Kalifornia banks closed by FDIC!
WASHINGTON - July 20, 2009 - Bank regulators closed two Kalifornia banks on Friday - Vineyard Bank in Rancho Cucamonga and Temecula Valley Bank in Temecula - the 56th and 57th U.S. banks to fail this year, as the struggling economy and falling home prices take their toll on financial institutions.
The Federal Deposit Insurance Corp. said Vineyard Bank had $1.9 billion in assets and $1.6 billion in deposits, while Temecula Valley Bank had $1.5 billion in assets and $1.3 billion in deposits.
With these closings, eight Kalifornia banks have been shut down this year, according to the FDIC. The Vineyard Bank failure is expected to cost the FDIC deposit insurance fund an estimated $579 million and the Temecula Valley Bank will cost the agency an estimated $391 million.
California Bank and Trust of San Diego, Kalifornia, will assume all of the deposits of Vineyard Bank's 16 offices, excluding those from brokers, according to the FDIC.
First Citizens Bank and Trust Company of Raleigh, North Carolina, will assume all of the deposits of Temecula Valley bank's 11 offices, except those from brokers, FDIC said.
Earlier on Friday, the FDIC announced the closings of two smaller banks - First Piedmont Bank of Winder, Georgia, which had $115 million in assets and $109 million in deposits, and BankFirst of Sioux Falls, South Dakota, which had $275 million in assets and $254 million in deposits.
The Federal Deposit Insurance Corp. said Vineyard Bank had $1.9 billion in assets and $1.6 billion in deposits, while Temecula Valley Bank had $1.5 billion in assets and $1.3 billion in deposits.
With these closings, eight Kalifornia banks have been shut down this year, according to the FDIC. The Vineyard Bank failure is expected to cost the FDIC deposit insurance fund an estimated $579 million and the Temecula Valley Bank will cost the agency an estimated $391 million.
California Bank and Trust of San Diego, Kalifornia, will assume all of the deposits of Vineyard Bank's 16 offices, excluding those from brokers, according to the FDIC.
First Citizens Bank and Trust Company of Raleigh, North Carolina, will assume all of the deposits of Temecula Valley bank's 11 offices, except those from brokers, FDIC said.
Earlier on Friday, the FDIC announced the closings of two smaller banks - First Piedmont Bank of Winder, Georgia, which had $115 million in assets and $109 million in deposits, and BankFirst of Sioux Falls, South Dakota, which had $275 million in assets and $254 million in deposits.
