First Bank of Beverly Hills, Calabasas, CA
April 24, 2009 – 11:02 amFirst Bank of Beverly Hills, Calabasas, California, a commercial lender damaged by the real estate collapse, has now closed its doors. The bank had $1.5 billion in loans and other assets, which will be taken over by the FDIC.
The agency estimated that the bank’s collapse would cost the federal deposit insurance fund $349 million.
The bank’s parent, Beverly Hills Bancorp, said in a news release last week that its agreement to be taken over by Orchard First Source Asset Management, a privately held specialist in buyouts and restructurings, “has been terminated.” Bank officials didn’t return calls seeking elaboration.
First Bank of Beverly Hills was among 29 banks in the country to fail this year, four of them in California.
Information about the takeover, including explanations of what depositors and loan customers should expect, may be read online at the FDIC web page.
<>
Comments
Comment on this post! (Requires free membership in the Implode-Explode forums!)