A total of 84 US banks have been closed since the start of the year, after three more banks were shuttered by regulators Friday. Affinity... More Below...
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A total of 84 US banks have been closed since the start of the year, after three more banks were shuttered by regulators Friday.
Affinity Bank, based in Ventura, Calif., was the largest of Friday’s three closures, according to the Federal Deposit Insurance Corp. (FDIC).
The FDIC also announced that Affinity, which had total assets of $1 billion, deposits of $922 million and 10 branches in Northern and Southern California as of July 10, will be taken over by San Diego-based Pacific Western Bank.
Former Affinity branch offices in San Francisco and San Mateo will be-open Saturday and the rest will re-open on Sunday, the FDIC added.
The federal agency and Pacific Western entered into a loss-share transaction of approximately $934 million of Affinity Bank’s assets.
The cost to the Deposit Insurance Fund at $254 million, the FDIC estimated.
(via MarketWatch)
