California National Bank also known as Cal National Bank , was an American consumer and business bank that operated in Southern California area between 1996 and 2009. The bank was closed by the Office of the Comptroller of the Currency after financial issues caused by the subprime mortgage crisis of 2008.
6-462: Cal National Bank originally began in 1996 when FBOP Corporation acquired Torrance Bank. Two years later, FBOP acquired five branches of Topa Savings and Topa Thrift, establishing California National Bank. As Cal National started growing, it acquired People’s Bank of California in 2001 and Fidelity Federal Bank in 2002. By 2009, Cal National had grown to 68 branches throughout Southern California. On Friday, October 30, 2009, California National Bank
12-500: The day of closure, but later sold the three Texas-based banks to Prosperity Bancshares . FBOP's subsidiaries lost an estimated $ 800 million when the United States Treasury placed government-sponsored mortgage investors Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500) into conservatorship and wiped out preferred stockholders. As a result, FBOP posted an operating loss of $ 708 million for 2008. By
18-467: The end of June, FBOP's resources had dwindled so low that the firm ranked below 98% of similar bank holding companies in terms of tier 1 leverage ratio, a measure of bank capital. In August 2009, FBOP signed a so-called written agreement with the Federal Reserve that gave it a schedule to raise capital, improve risk management and reduce its concentration of commercial real estate loans. The bank
24-1051: Was a financial services company based in Oak Park , Illinois , United States. As of mid-2009, it had $ 18.5 billion in assets and was the 46th largest bank holding company in the United States. On October 30, 2009, FBOP's banking subsidiaries were closed by their chartering agencies and the Federal Deposit Insurance Corporation was appointed as their receiver. The company had over 4064 employees. The holding company began as First Bank of Oak Park . FBOP started acquiring other banks in 1990. In 2006, First Bank of Oak Park merged with four other co-owned banks in Illinois to create Park National Bank. FBOP operated banks in Illinois , California , Texas , and Arizona , prior to their closure. U.S. Bancorp acquired all nine of FBOP's nine banks on
30-719: Was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. All deposits and branches were transferred to U.S. Bank . Because of the subprime mortgage crisis , Cal National suffered massive losses on $ 855 million worth of securities issued by Fannie Mae and Freddie Mac -- becoming a primary cause of Cal National's failure. FBOP Corporation FBOP Corporation
36-425: Was to submit a capital plan within 30 days. FBOP failed to raise enough capital to satisfy the terms of the agreement. On October 30, 2009, FBOP's subsidiaries were closed by their chartering agencies and the Federal Deposit Insurance Corporation was appointed as their receiver. The FDIC entered into a purchase and assumption agreement with Minnesota-based U.S. Bancorp to assume the assets and deposit liabilities of
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