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Banking mess, con’t: Feds seize San Clemente bank
Saturday, November 14, 2009
In a banking failure that will cost $27 million, federal banking authorities have seized Pacific Coast National Bank of San Clemente and sold it to a Tustin bank.
The failed bank with branches in San Clemente and Encinitas will reopen as Sunwest bank on Monday, the Federal Deposit Insurance Corp. said. The FDIC estimated that the cost to the deposit insurance fund will be $27.4 million.
The number of bank failures has reached 123, as the Los Angeles Times reports.
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