Imploded: Temecula Valley Bank, CA

Temecula Valley Bank, Temecula, CA

July 18, 2009 – 9:04 am

The siezure of Temecula Valley Bank, Temecula, CA, brings to 57 the number of FDIC bank closings of 2009.

Temecula Valley Bank, Temecula, 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 First-Citizens Bank and Trust Company, Raleigh, North Carolina, to assume all of the deposits of Temecula Valley Bank, excluding those from brokers.

Temecula Valley Bank’s eleven offices will reopen on Monday as branches of First-Citizens Bank and Trust Company. Depositors of Temecula Valley Bank will automatically become depositors of First-Citizens Bank and Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing bra

Be sure to visit the official FDIC web page forTemecula Valley Bank, Temecula, CA, if you should have any additional questions.