Banking regulators today shut down MetroPacific Bank in Irvine, and immediately sold most of its deposits to Sunwest Bank in Tustin.
MetroPacific Banks 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.
MetroPacifics failure will likely cost $29 million to the FDICs 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 MetroPacifics $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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