Pacific Western Bank, San Diego, California, Assumes All of the Deposits of Affinity Bank, Ventura,

Source: FDIC

Affinity Bank, Ventura, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Pacific Western Bank, San Diego, California, to assume all of the deposits of Affinity Bank.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $254 million. Pacific Western Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Affinity Bank is the 84th FDIC-insured institution to fail in the nation this year, and the ninth in California. The last FDIC-insured institution closed in the state was Vineyard Bank, National Association, Rancho Cucamonga, on July 17, 2009.

Read more: http://www.fdic.gov/news/news/press/2009/pr09157.html

Affinity - The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $254 million.

Mainstreet - The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $95 million.

Bradford - The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $97 million.

Pretty soon this is going to add up to real money.