Regulators Close First Bank of Beverly Hills

The California Department of Financial Institutions (DFI) announced Friday that regulators have closed First Bank of Beverly Hills, citing inadequate capital, according to a press release. As of April 15, 2009, First Bank of Beverly Hills, located in Calabasas had total assets of approximately $1.2 billion and total deposits of approximately $848 million. The DFI has been closely monitoring the bank and had ordered it to increase its capital reserves to a safe and sound level. But efforts by the bank to do so were unsuccessful. Immediately following the closure, the DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of First Bank of Beverly Hills. The depositors of First Bank of Beverly Hills are protected by the FDIC to the extent of any applicable deposit insurance.