BANKING & FINANCE - May 21, 1993
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From Times Staff and Wire Reports
Palos Verdes National Bank Closed: Federal regulators closed Palos Verdes National Bank, saying it was in an “unsafe and unsound condition.” The Office of the Comptroller of the Currency closed the Rolling Hills Estates bank and appointed the Federal Deposit Insurance Corp. as receiver. The OCC said it took the action after finding “that the bank’s assets were less than its obligations to its creditors and that it was critically undercapitalized--that is, it had less than 2% tangible equity capital.”
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