Published:
State Closes United Commercial Bank
SAN FRANCISCO - (BUSINESS WIRE) - 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 United Commercial Bank was conducted with the cooperation
of the Commissioner or Superintendent of the following states: Georgia,
Massachusetts, New York, Texas and Washington.
Immediately following the closure, the DFI named the Federal Deposit
Insurance Corporation (FDIC) as Receiver of United Commercial Bank. The
depositors of United Commercial Bank are protected by the FDIC. The FDIC
has accepted a bid from East West Bank, a state-chartered bank located
in Pasadena, California, to assume the deposits and substantially all of
the assets of United Commercial Bank. For information about FDIC
coverage limits and requirements, visit www.fdic.gov
or call toll-free 1-877-ASK-FDIC.
DFI supervises over 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 its licensees,
the DFI Web site features consumer tips on a variety of financial topics
and consumer brochures in seven languages.
DFI reports to Business, Transportation & Housing Agency Secretary Dale
E. Bonner and Governor Arnold Schwarzenegger.
California Department of Financial Institutions
Alana Golden,
916-323-7012 or 916-322-5966
Public Information Officer
www.dfi.ca.gov
Copyright © 2009, Business Wire, Inc., All rights reserved.
Copyright © 2009, NewsBlaze,
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