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http://www.newsday.com/business/nationworld/wire/sns-ap-bank-closure-california,0,6297679.story
Quoted Text
Regulators shut Security Pacific Bank in California; marks 19th US bank failure this year
By Associated Press
8:41 PM EST, November 7, 2008
WASHINGTON (AP) _ Regulators have shut down Los Angeles-based Security Pacific Bank, marking the 19th failure this year of a federally insured bank.
The Federal Deposit Insurance Corp. was appointed receiver of Security Pacific Bank. It had $561.1 million in assets and $450.1 million in deposits as of Oct. 17.
The FDIC says all of the bank's deposits will be assumed by Pacific Western Bank, a unit of San Diego-based PacWest Bancorp. Its four offices will reopen Monday as branches of Pacific Western.
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