Wednesday, March 14, 2012

Texas thrift acquires California deposits

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 …

No comments:

Post a Comment