OneWest Assumes La Jolla Bank’s Assets

Posted by Orb Staff on February 22, 2010 No Comments
Categories : Residential Mortgage

The Federal Deposit Insurance Corp. (FDIC) was appointed receiver for four failed banks Friday: La Jolla Bank FSB, in La Jolla, Calif.; George Washington Savings Bank, in Orland Park, Ill.; The La Coste National Bank, in La Coste, Texas; and Marco Community Bank, in Marco Island, Fla.

The four closings are estimated to cost the Deposit Insurance Fund almost $1.07 billion, with La Jolla Bank's failure accounting for $882.3 million of the total.

Pasadena, Calif.-based OneWest Bank FSB has agreed to assume all of La Jolla Bank's desposits and essentially all of its assets. As of the end of last year, La Jolla Bank had approximately $3.6 billion in total assets.

Akron, Ohio-based FirstMerit Bank NA has assumed the assets formerly belonging to George Washington Savings Bank. As of Dec. 31, 2009, George Washington Savings Bank had approximately $412.8 million in assets.

The La Coste National Bank's assets, which totaled $53.9 million at the end of 2009, were picked up by Community National Bank, which is based in Hondo, Texas. Mutual of Omaha Bank, in Omaha, Neb., assumed the Marco Community Bank's assets, which totaled $119.6 million at the end of last year.

Twenty FDIC-insured institutions have fallen so far this year.

SOURCE: Federal Deposit Insurance Corp.

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