California’s Western Commercial Bank Shut Down
Friday, November 5th, 2010 | Comments Off on California’s Western Commercial Bank Shut Down
Regulators closed two more US banks on Friday, including Western Commercial Bank in Woodland Hills, California, with $101.1 million in deposits. The two bank failures will cost the federal deposit-insurance fund a combined $223.6 million. K Bank, based in Randallstown, Md., with $538.3 million in assets, was also closed.
The bank shutdowns bring the 2010 total up to 141, topping the 140 total last year. California, Florida, Georgia, and Illinois have each seen bank failures in the double digits this year. Depositors’ money is insured up to $250,000 per account by the FDIC, so is not at risk. This $250K insurance cap was made permanent in the financial overhaul law enacted in July.
