State Closes MetroPacific Bank
(San Francisco, CA) - The California Department of Financial Institutions (DFI) announced today that regulators have closed MetroPacific Bank, citing inadequate capital.
As of June 15, 2009, MetroPacific Bank, located in Irvine, had total assets of approximately $77.9 million and total deposits of approximately $73 million. The DFI has been closely monitoring the bank because of its inadequate capital level. The DFI had ordered it to increase its capital reserves to a safe and sound level but efforts by the bank to do so were unsuccessful.
Immediately following the closure, the DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of MetroPacific Bank. The depositors of MetroPacific Bank are protected by the FDIC. The FDIC has accepted a bid from Sunwest Bank to assume all branch deposits and significantly all the assets of MetroPacific Bank. For information about FDIC deposit insurance, visit www.fdic.gov or call toll-free 1-877-ASK-FDIC.
DFI supervises 700 state financial institutions. Maintaining the integrity of financial services remains the primary mission of the Department. The DFI is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, trust companies, offices of foreign banks, issuers of travelers' checks and payment instruments (money orders), and money transmitters. In addition to posting information about licensees, the DFI Web site features consumer information on a variety of financial topics. DFI reports to Business, Transportation & Housing Agency Secretary Dale E. Bonner and Governor Arnold Schwarzenegger.
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