Another California Bank Bites the Dust
By JACK NOYES
Updated 11:21 PM PST, Fri, Nov 6, 2009
United Commercial Bank, which has branches in Los Angeles County, was closed Friday by the California Department of Financial Institutions.
East West Bank has reached an agreement with the Federal Deposit Insurance Commission to assume all of the bank's deposits.
The FDIC issued a statement that "United Commercial Bank, San Francisco, CA was closed by the California Department of Financial Institutions. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
"All deposit accounts, excluding certain brokered deposits, have been transferred to East West Bank, Pasadena, CA. For more information on East West Bank, visit us at www.eastwestbank.com."
First Published: Nov 6, 2009 8:30 PM PST
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