Security Pacific Bank
Who: Security Pacific Bank
What: 19th bank failure of 2008 (Nov. 7, 2008)
Where: Los Angeles, California
Why: Inadequate capital.
Fast Facts: Pacific Western Bank of Los Angeles assumed all deposits from Security Pacific Bank; as of Oct. 17, 2008, Security Pacific had $561.1 million in total assets and $450.1 million in total deposits; loans to homebuilders in the Inland Empire of California were the main culprit in Security Pacific's downfall.
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