WASHINGTON - U.S. bank regulators closed Affinity Bank of Ventura, California on Friday, the 84th U.S. bank to fail this year as economic weakness continues to take a toll on financial institutions.
The Federal Deposit Insurance Corp said Affinity had $1 billion in assets and about $922 million in deposits. Pacific Western Bank of San Diego agreed to assume all the deposits of Affinity.
Affinity Bank had 10 branches. The former Affinity Bank branches located in San Francisco and San Mateo will reopen starting on Saturday and the remaining branches will reopen on Monday as branches of Pacific Western Bank, the FDIC said.
The FDIC estimates Affinity's failure will cost its deposit insurance fund $254 million. (Reporting by Christopher Doering; editing by Carol Bishopric)