|
|
Article: STATE CLOSES UNITED COMMERCIAL BANK
- Article from:
- US Fed News Service, Including US State News
- Article date:
- November 7, 2009
CopyrightCopyright © HT Media Ltd. All Rights Reserved. Provided by ProQuest LLC. (Hide copyright information)
|
SACRAMENTO, Calif., Nov. 6 -- The California Business, Transportation & Housing Agency's Department of Financial Institutions issued the following news release:
The California Department of Financial Institutions (DFI) announced today that regulators have closed United Commercial Bank citing inadequate capital and other material weaknesses.
As of October 29, 2009, United Commercial Bank, San Francisco, had total assets of approximately $10.9 billion and total deposits of approximately $7.5 billion. The DFI has been closely monitoring the bank and had ordered it to increase its capital reserves to a safe and sound level, but efforts by the bank to do so were unsuccessful.
The closure of ...