The Office of the Comptroller of the Currency has closed California-based Pacific Coast National Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with California-based Sunwest Bank, to assume all of the deposits of Pacific Coast National Bank.
The two branches of Pacific Coast National Bank will reopen as branches of Sunwest Bank. Depositors of Pacific Coast National Bank will automatically become depositors of Sunwest Bank.
Deposits will continue to be insured by the FDIC. Customers can continue to use their existing branches until Sunwest Bank can fully integrate the deposit records of Pacific Coast National Bank.
As of August 31, 2009, Pacific Coast National Bank had total assets of $134.4m and total deposits of approximately $130.9m. Sunwest Bank did not pay a premium to assume all of the deposits of Pacific Coast National Bank. In addition to assuming all of the deposits of the failed bank, Sunwest Bank agreed to purchase essentially all of the assets.
