San Diego Bank Takes Over One Seized by State
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Grossmont Bank of San Diego took over Saturday the deposits and other business of California Heritage Bank, which was seized by state regulators Friday.
The bank is being assumed by Grossmont under an agreement with the Federal Deposit Insurance Corp., the California state superintendent of banks announced.
The agreement means that Heritage customers will suffer no interruption in services. Heritage’s main office and one branch will open Monday as part of Grossmont Bank, an FDIC spokesman said.
Grossmont, formed in 1972, has seven offices in San Diego County. San Diego-based Heritage had assets of about $19 million, according to the FDIC.
The action by the state superintendent of banks followed a three-week examination by regulators who discovered that Heritage was insolvent.
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