Bank Failure
First Vietnamese American Bank
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Closed November 5, 2010 · Westminster, CA · FDIC Cert #57885.
- Closing date
- November 5, 2010
- Headquarters
- Westminster, CA
- FDIC Certificate
- 57885
- Total assets at closing
- $48.0M
- Total deposits at closing
- $47.0M
- Estimated loss to the insurance fund
- $14.3M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Grandpoint Bank
Context
On November 5, 2010, regulators closed First Vietnamese American Bank, headquartered in Westminster, CA. At closing, the institution held approximately $48.0M in assets and $47.0M in deposits. The FDIC record names Grandpoint Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $14.3M.
By assets at closing this is the 1691st largest of the 3,526 bank failures in the FDIC record, and the 145th of 157 in 2010. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did First Vietnamese American Bank fail?
First Vietnamese American Bank was closed by regulators on November 5, 2010.
Who acquired First Vietnamese American Bank?
The FDIC record names Grandpoint Bank as the acquiring institution in the resolution of First Vietnamese American Bank.
How big was First Vietnamese American Bank when it failed?
First Vietnamese American Bank had approximately $48.0M in total assets and $47.0M in deposits at the time of failure.
Other failures in 2010
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2010 | The Bank of Miami | $448.1M |
| Dec 17, 2010 | Chestatee State Bank | $244.4M |
| Dec 17, 2010 | United Americas Bank | $242.3M |
| Dec 17, 2010 | First Southern Bank | $191.8M |
| Dec 17, 2010 | Appalacian Community Bank, F.S.B. | $68.2M |
| Dec 17, 2010 | Community National Bank | $31.6M |
| Dec 10, 2010 | Paramount Bank | $252.7M |
| Dec 10, 2010 | Earthstar Bank | $112.6M |
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