SAN FRANCISCO (BUSINESS WIRE) – The California Department of Financial Institutions (DFI) on Friday, November 5, 2010 announced the closure of First Vietnamese American Bank (First Vietnamese American) due to inadequate capital and lack of earnings.
First Vietnamese American is a federally insured, state-chartered commercial bank located in Westminster with total assets of approximately $46 million. Its deposits are federally insured for up to $250,000 by the Federal Deposit Insurance Corporation.
The FDIC was appointed the receiver of First Vietnamese American by the DFI. The FDIC has accepted a bid from Grandpoint Bank, a California state-chartered bank, to acquire First Vietnamese American and assume its deposits, except certain brokered deposits. For information about FDIC coverage limits and requirements, visit www.fdic.gov or call toll-free 1-877-ASK-FDIC.
Maintaining the integrity of financial services remains the primary mission of the DFI. The DFI oversees the secure operation of California’s state-chartered financial institutions. The DFI ensures public confidence in financial institutions by protecting the interests of depositors, borrowers, shareholders and consumers through enforcement of state laws. In addition to posting information about the DFI and its licensees, the DFI’s website features consumer tips on a variety of financial topics and consumer information brochures in seven languages.
The DFI reports to Dale E. Bonner, Secretary of the Business, Transportation and Housing Agency, and Governor Arnold Schwarzenegger.
Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. If you or your company provided a service or product, leased space, furniture, or equipment to First Vietnamese American Bank after Friday, November 5, 2010 and have not been paid, you do not have a claim against First Vietnamese American Bank. Please follow your normal billing procedures by providing an invoice as instructed.
If you or your company provided a service or product, leased space, furniture, or equipment to First Vietnamese American Bank prior to Friday, November 5, 2010 and have not been paid, you may be entitled to a claim against the bank. If you provided a product to or a service for First Vietnamese American Bank prior to the bank’s failure for which you have not been paid and you have not received communication, please contact: FDIC as Receiver for First Vietnamese American Bank, 40 Pacifica, Suite 1000, Irvine, CA 92618, Attention: Claims Agent.