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U.S. regulators close First Bank of Beverly Hills

WASHINGTON
Fri Apr 24, 2009 7:41pm EDT

WASHINGTON (Reuters) - Bank regulators closed First Bank of Beverly Hills in Calabasas, California, on Friday, the 28th U.S. bank to fail this year.

Crisis in Credit

The Federal Deposit Insurance Corp said First Bank of Beverly Hills had $1.5 billion in assets and $1 billion in deposits.

FDIC said it had approved the payout of the insured deposits. The bank was closed by the California Department of Financial Institutions, which appointed the FDIC as the receiver.

(Reporting by Richard Cowan)
Crisis in Credit


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