The FDIC hit the West Coast late Friday afternoon, closing two California banks. Here are some details:
– Vineyard Bank of Rancho Cucamonga, Calif. was shut down by the FDIC and taken over by California Bank & Trust. Cost to the FDIC: $579 million.
– No. 57 of the year: Temecula Valley Bank of Temecula, Calif. was shut down, taken over by First Citizens Bank of Raleigh, N.C. Cost to the FDIC: $391 million.