Pacific Premier takes place of Palm Desert National Bank

Palm Desert National Bank reopened on Monday as Pacific Premier Bank after federal regulators took over the bank on Friday.

PDNB was sold to Pacific Premier Bank of Costa Mesa, which promised to be open
for business on Monday, according to the Los Angeles Times.

Regulators also closed two banks in Maryland and one each in Minnesota and South Carolina on Friday, bringing to 22 the amount of banks that have failed in the U.S. this year.

The Federal Deposit Insurance Corp. said depositors of the one-branch
Palm Desert bank would not be affected because Pacific Premier agreed to take
all $123 million in Palm Desert assets, according to the Times.