La Jolla Bank among 4 new closures
By Russ Britt - MarketWatch | Feb 19, 10
LOS ANGELES (MarketWatch) -- La Jolla Bank in the San Diego area was among four banks shuttered by authorities Friday, bringing the total to 20 financial institutions closed since the beginning of the year.
La Jolla's deposits will be taken over by OneWest Bank of Pasadena, Calif., the Federal Deposit Insurance Corp. said.
La Jolla had $3.6 billion in total assets and $2.8 billion in deposits. OneWest has entered into a loss-share transaction on $3.3 billion of La Jolla's assets, the FDIC said. The FDIC was appointed as receiver by the Office of Thrift Supervision, which closed La Jolla Bank.
Other banks closed Friday included George Washington Savings Bank of Orland Park, Ill., which was shuttered by the Illinois Department of Financial Professional Regulation's banking division. Again, the FDIC was appointed as receiver for the bank, whose deposits will be taken over by FirstMerit Bank of Akron, Ohio. George Washington Savings had $412.8 million in total assets.
La Coste National Bank of La Coste, Texas, will be taken over by Community National Bank of Hondo, Texas. The sole branch of La Coste National had $53.9 million in assets.
Marco Community Bank /quotes/comstock/11k!mcbn (MCBN 0.18, -0.07, -28.00%) of Marco Island, Fla., was shut down by the FDIC. Mutual of Omaha Bank will assume all the deposits of Marco, which had $119.6 million in assets.
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Yep, government bail outs work, don't they? 
