by Calculated Risk on 8/28/2009 09:19:00 PM

The West setting sun
Affinity burned brightly
Extinguished today
by Soylent Green is People
From the FDIC: Pacific Western Bank, San Diego, California, Assumes All of the Deposits of Affinity Bank, Ventura, California

Affinity Bank, Ventura, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of July 10, 2009, Affinity Bank had total assets of $1 billion and total deposits of approximately $922 million. ...

The FDIC and Pacific Western Bank entered into a loss-share transaction on approximately $934 million of Affinity Bank's assets. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $254 million. ... Affinity Bank is the 84th FDIC-insured institution to fail in the nation this year, and the ninth in California. The last FDIC-insured institution closed in the state was Vineyard Bank, National Association, Rancho Cucamonga, on July 17, 2009.

A quarter of billion here, a quarter of a billion there ...