Insured deposits of the failed Southern Pacific Bank, Torrance, Calif., are being assumed by Beal Bank, S.S.B., Plano, Tex. Southern Pacific Bank, which had total assets of $1 billion, was closed Feb. 7 by the California Commissioner of Financial Institutions and the FDIC was named receiver.
Beal Bank has agreed to assume approximately $834 million of insured deposits of the failed bank. At the time of closure, Southern pacific had some …
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