Imploded: Vineyard Bank, National Association

Vineyard Bank, National Association, Rancho Cucamonga, CA

July 18, 2009 – 8:54 am

The FDIC continues it’s torrid pace closing bank number 56 of 2009 tonight, Vineyard Bank, National Association, Rancho Cucamonga, CA.

Zions Bancorporation’s California Bank & Trust unit acquired the deposits of Vineyard Bank, one of four lenders seized yesterday by regulators. The failures will cost the Federal Deposit Insurance Corp. a total of $1.09 billion.

California Bank & Trust in San Diego said it assumed $1.5 billion in deposits and $1.4 billion in loans from Rancho Cucamonga, California-based Vineyard, which lost more than $100 million last year as builders defaulted on construction loans. Vineyard was closed by the Office of the Comptroller of the Currency and the FDIC was named receiver, the FDIC said in a statement.

Be sure to visit the official FDIC web page for Vineyard Bank, National Association, Rancho Cucamonga, CA, if you should have any additional questions.