by Calculated Risk on 10/16/2009 09:19:00 PM

Bakersfield failure
A small fish in a big pond
Proof Darwin was right.
by Soylent Green is People
FDIC Press Release: Citizens Business Bank, Ontario, California, Assumes All of the Deposits of San Joaquin Bank, Bakersfield, California

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

As of September 29, 2009, San Joaquin Bank had total assets of $775 million and total deposits of approximately $631 million. ...

The FDIC and Citizens Business Bank entered into a loss-share transaction on approximately $683 million of San Joaquin Bank's assets. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $103 million. ... San Joaquin Bank is the 99th FDIC-insured institution to fail in the nation this year, and the tenth in California. The last FDIC-insured institution closed in the state was Affinity Bank, Ventura, on August 28, 2009.