FDIC seizes Irvine bank

by in News

Personal Injury News

Article Date: 6/29/2009 | Resource: MLG

FDIC seizes Irvine bank

Banking regulators today shut down MetroPacific Bank in Irvine, and immediately sold most of its deposits to Sunwest Bank in Tustin.

MetroPacific Bank’s one office will reopen Monday as Sunwest, according to the Federal Deposit Insurance Corp. MetroPacific customers can access their money over the weekend via bank cards and by writing checks.

MetroPacific’s failure will likely cost $29 million to the FDIC’s insurance fund, the agency said. The FDIC is only keeping control of about $6 million in deposits from brokers. MetroPacific had a total of $73 million in deposits on June 8.
Sunwest is also buying virtually all of MetroPacific’s $80 million in assets, the FDIC said.

The California Department of Financial Institutions seized MetroPacific and immediately turned it over to the FDIC.

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Jeffrey Marquart