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Just a pretty facade for a failing bank

April 28, 2009
I know I get sucked in by a name; Mr Big [I know, I know – he finally came through in the movie] The Titanic, Jumbo Shrimp. Here’s another name that was just a pretty facade: Beverly Hills Bank.

DSNews.Com Default Servicing In Print and Online – Formerly REO Magazine

No acquiring institution could be secured for First Bank of Beverly Hills in Calabasas, California. The FDIC has approved the payout of the bank’s insured deposits. First Bank of Beverly Hills had total deposits of $1 billion, of which the FDIC estimates $179,000 were uninsured. The bank also had total assets of $1.5 billion. The FDIC said the failure of First Bank of Beverly Hills will cost the agency approximately $394 million. The last bank to be closed in California was Merced’s County Bank on February 6, 2009.

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