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The Federal Deposit Insurance Corp. today (Dec. 18) shut down Imperial Capital Bank of La Jolla. The bank was sold to Los Angeles-based City National Corp., which will assume all Imperial deposits. No depositors should lose money, the FDIC said. Imperial has nine branches -- all in California except one in Maryland and one in Nevada. Imperial's big problem was a series of bad loans secured by apartment buildings throughout the nation, according to the Los Angeles Times. The bank lost $112 million through three quarters and failed to meet a December 14 deadline to raise $200 million in capital. It had $4 billion in assets and $2.2 billion in deposits. The FDIC will take over some of its bad assets.
The Federal Deposit Insurance Corp. today (Dec. 18) shut down Imperial Capital Bank of La Jolla. The bank was sold to Los Angeles-based City National Corp., which will assume all Imperial deposits. No depositors should lose money, the FDIC said. Imperial has nine branches -- all in California except one in Maryland and one in Nevada. Imperial's big problem was a series of bad loans secured by apartment buildings throughout the nation, according to the Los Angeles Times. The bank lost $112 million through three quarters and failed to meet a December 14 deadline to raise $200 million in capital. It had $4 billion in assets and $2.2 billion in deposits. The FDIC will take over some of its bad assets.