Los Angeles-Based First Regional Bank Shuts Down
WASHINGTON – Regulators have shut down a big bank in California, along with two banks in Georgia and one each in Florida, Minnesota and Washington.
That brings to 15 the number of bank failures so far in 2010 atop the 140 shuttered last year in the punishing economic climate.
The failure on Friday of Los Angeles-based First Regional Bank, with nearly $2.2 billion in assets and $1.9 billion in deposits, is expected to cost the federal deposit insurance fund $825.5 million.
The Federal Deposit Insurance Corp. took over the bank as well as the others: First National Bank of Georgia, based in Carrollton, Ga.; Community Bank and Trust of Cornelia, Ga.; Florida Community Bank of Immokalee, Fla.; Marshall Bank of Hallock, Minn.; and American Marine Bank of Bainbridge Island, Wash.
