State Closes First Regional Bank
(San Francisco, CA) The California Department of Financial Institutions (DFI) today announced that First Regional Bank (First Regional) was closed and ordered to be liquidated, citing inadequate liquidity and inadequate capital.
First Regional is a federally insured, state-chartered commercial bank based in Los Angeles with total assets of approximately $2 billion. Its deposits are federally insured for up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).
The FDIC was appointed the receiver of First Regional by the DFI. The FDIC has accepted a bid from First Citizens Bank of North Carolina to acquire First Regional and assume its deposits, including all uninsured deposits. For information about FDIC coverage limits and requirements, visit www.fdic.gov or call toll-free 1-877-ASK-FDIC.
Maintaining the integrity of financial services remains the primary mission of the DFI. The DFI oversees the secure operation of California’s state-chartered financial institutions. The DFI ensures public confidence in financial institutions by protecting the interests of depositors, borrowers, shareholders and consumers through enforcement of state laws. In addition to posting information about the DFI and its licensees, the DFI’s website features consumer tips on a variety of financial topics and consumer information brochures in seven languages.
The DFI reports to Dale E. Bonner, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.