Fannie Mae | COMMON SENSE

Feds Close Bank: Napa Valley Branch

November 09, 2009 By: Napa Valley Register Category: Financial Info, Long term savings, Option Trading, Pension 401k, Stock Trading, insurance info

By JENNIFER HUFFMAN
Register Business Writer

On Oct. 30, a federal regulatory agency, the Office of the Comptroller of the Currency, closed all 17 branches of the San Francisco-based Pacific National Bank. All accounts were immediately transferred to new owner, U.S. Bank of Minneapolis, Minn. “Pacific National Bank no longer exists,” David Barr with Federal Deposit Insurance Corporation said. According to Barr, Pacific National Bank fell victim to the same problems many other financial institutions suffer from these days — trouble with commercial real estate lending and loans to developers, as well as subprime Fannie Mae and Freddie Mac loans.

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Pacific National Bank was one of nine bank subsidiaries of FBOP Corporation of Oak Park, Ill., acquired by U.S. Bank from the FDIC. The transaction included more than $18 billion in total assets and 150 branches in California, Illinois, Arizona and Texas. The Napa branch is located in the new Napa Square building on First Street in downtown Napa.

Since this crisis began in late 2007, there have been 18 bank failures in California, mostly in Southern California. The FDIC lists 416 banks on its problem …

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