November 8, 2008 / 1:35 AM / 9 years ago

Security Pacific Bank fails, 19th in US this year

WASHINGTON, Nov 7 (Reuters) - U.S. bank regulators on Friday closed Security Pacific Bank of Los Angeles, California, marking the 19th U.S. bank to fail this year.

Pacific Western Bank, also from Los Angeles, will acquire all the deposits of Security Pacific, the Federal Deposit Insurance Corp said.

Security Pacific had total assets of $561.1 million and total deposits of $450.1 million as of Oct. 17, the FDIC said.

Earlier on Friday, the FDIC announced the failure of Franklin Bank, the 3rd largest U.S. bank failure in 2008 with total deposits of $3.7 billion and total assets of $5.1 billion. (Reporting by Karey Wutkowski; Editing by Gary Hill)

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