Beverly Hills-Based Bank Fails: First Pacific Bank,...
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Beverly Hills-Based Bank Fails: First Pacific Bank, with $117.6 million in assets and $102 million in deposits, was closed by state regulators. Its two branches and insured deposits were transferred to Commercial Center Bank, based in Santa Ana, which will reopen the branches Monday under normal business hours. Regulators said First Pacific has been a problem bank for several years, and substantial loan and operating losses exhausted its capital. It was California’s third bank failure of the year.
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