California National Bank was a consumer and business bank in the
Southern California
Southern California (commonly shortened to SoCal) is a geographic and cultural region that generally comprises the southern portion of the U.S. state of California. It includes the Los Angeles metropolitan area, the second most populous urban a ...
area.
Overview
Cal National Bank originally began in 1996 when
FBOP Corporation
FBOP Corporation was a financial services company based in Oak Park, Illinois, United States. As of mid-2009, it had $18.5 billion in assets and was the 46th largest bank holding company in the United States. On October 30, 2009, FBOP's banking ...
acquired Torrance Bank. Two years later, FBOP acquired five branches of Topa Savings and Topa Thrift, establishing California National Bank.
As Cal National started growing, it acquired People’s Bank of California in 2001 and Fidelity Federal Bank in 2002.
By 2009, Cal National had grown to 68 branches throughout Southern California.
Bank failure
On Friday, October 30, 2009, California National Bank was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. All deposits and branches were transferred to
U.S. Bank.
Because of the
subprime mortgage crisis, Cal National suffered massive losses on $855 million worth of securities issued by Fannie Mae and Freddie Mac -- becoming a primary cause of Cal National's failure.
See also
*
List of largest U.S. bank failures
This is a list of the largest U.S. bank failures with respect to total assets under management at the time of the bank failure (banks with $1.0 billion or more in assets are listed here). Assets of the banks listed here are figures provided by ...
References
External links
*
{{U.S. Bancorp
Banks based in California
Defunct companies based in Greater Los Angeles
Banks established in 1996
Bank failures in the United States
Banks disestablished in 2009
U.S. Bancorp
Defunct banks of the United States