Bank Tombstones For Friday

OCC Appoints Receiver for Bank USA, N.A.

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Bank USA, N.A., Phoenix, Arizona. As of June 30, 2009, the Bank had approximately $185 million of total assets.

The OCC acted after finding that the Bank had incurred losses, including substantial losses attributable to write-downs on its investments in GSE securities, and will likely incur losses that will deplete all or substantially all of its capital, that the Bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices, and there is no reasonable prospect that the Bank will become adequately capitalized without Federal assistance.

NR 2009-130

OCC Appoints Receiver for Pacific National Bank

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Pacific National Bank, San Francisco, California. As of June 30, 2009, the Bank had approximately $2.1 billion of total assets.

The OCC acted after finding that the Bank had incurred losses, including substantial losses attributable to write-downs on its investments in GSE securities that will deplete all or substantially all of its capital, that the Bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices, and there is no reasonable prospect that the Bank will become adequately capitalized without Federal assistance.

NR 2009-131

OCC Appoints Receiver for San Diego National Bank

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for San Diego National Bank, San Diego, California. As of June 30, 2009, the Bank had approximately $3.4 billion of total assets.

The OCC acted after finding that the Bank had incurred losses, including substantial losses attributable to write-downs on its investments in GSE securities that will deplete all or substantially all of its capital, that the Bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices, and there is no reasonable prospect that the Bank will become adequately capitalized without Federal assistance.

NR 2009-132

OCC Appoints Receiver for California National Bank

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for California National Bank, Los Angeles, California. As of June 30, 2009, the Bank had approximately $7.1 billion in total assets.

The OCC acted after finding that the Bank had incurred losses, including substantial losses attributable to write-downs on its investments in GSE securities that will deplete all or substantially all of its capital, that the Bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices, and there is no reasonable prospect that the Bank will become adequately capitalized without Federal assistance.

NR 2009-133

OCC Appoints Receiver for Citizens National Bank

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Citizens National Bank, Teague, Texas. As of June 30, 2009, the Bank had approximately $106 million of total assets.

The OCC acted after the FDIC assessed cross-guaranty liability against, and demanded immediate payment from, the Bank as a result of the failure of affiliated banks in FBOP Corporation, Oak Park, Illinois. The OCC found that the cross-guaranty liability depleted the Bank of all of its capital, and there is no reasonable prospect that the Bank will become adequately capitalized without Federal assistance.

NR 2009-134

OCC Appoints Receiver for Park National Bank & Trust

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Park National Bank & Trust, Chicago, Illinois. As of June 30, 2009, the Bank had approximately $4.8 billion of total assets.

The OCC acted after the FDIC assessed cross-guaranty liability against, and demanded immediate payment from, the Bank as a result of the failure of affiliated banks in FBOP Corporation, Oak Park, Illinois. The OCC found that the cross-guaranty liability depleted the Bank of all of its capital, and there is no reasonable prospect that the Bank will become adequately capitalized without Federal assistance.