State Closes Temecula Valley Bank
(San Francisco, CA) – The California Department of Financial Institutions (DFI) announced today that regulators have closed Temecula Valley Bank, citing inadequate capital.
As of June 30, 2009, Temecula Valley Bank, located in Temecula, CA, had total assets of approximately $1.4 billion and total deposits of approximately $1.28 billion. The DFI has been closely monitoring the bank because of its inadequate capital level. The DFI had ordered it to increase its capital reserves to a safe and sound level but efforts by the bank to do so were unsuccessful.
Immediately following the closure, the DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of Temecula Valley Bank. The depositors of Temecula Valley Bank are protected by the FDIC. The FDIC has accepted a bid from First-Citizens Bank & Trust Company of Raleigh, North Carolina, to assume the branch deposits and significantly all the assets of Temecula Valley Bank. For information about FDIC coverage limits and requirements, please visit www.fdic.gov/bank/individual/failed/temecula.html or call toll-free 1-800-930-5170.
DFI supervises about 700 state financial institutions, including over 200 state-chartered banks. 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 licensees, the DFI Web site features consumer information on a variety of financial topics and DFI consumer brochures available in seven languages.
The Department reports to Dale E. Bonner, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.
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