CRE Dominoes: FDIC Takes Over Three California Banks
October 30, 2009
The FDIC has shut down three California banks: Pacific National Bank, California National Bank, and San Diego National Bank.
The three banks all were invested heavily in commercial real estate. Pacific National, as it was mentioned in The Registry article as being a lender on Moffett Towers (phase 2), was also involved in other development deals in the Bay Area spanning from condo developments to office projects by Legacy Partners.
California National was a lender that was active on loans which were smaller in nature, financing a lot of smaller speculative retail developments in the $2-5M range.
These three banks and the others closed by the FDIC today bring the total number of failed banks to 115.
[via FDIC and The Registry]
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