United Commercial Bank, San Francisco, 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 East West Bank, Pasadena, California, to assume all of the deposits of United Commercial Bank. This agreement included all U.S. branches of United Commercial Bank, the Hong Kong branch of United Commercial Bank, and the subsidiary of United Commercial Bank headquartered in Shanghai, China, United Commercial Bank (UCB-China).
Posts Tagged ‘San Francisco’
FDIC Makes Public September Enforcement Actions; One Administrative Hearing Scheduled for November
The FDIC processed a total of 48 matters in September. These included twenty-six cease and desist orders; twelve removal and prohibition orders; six civil money penalties; two prompt corrective action directives; one voluntary termination of insurance; and one order terminating the order to cease and desist.
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