State Closes Mirae Bank
June 26 2009 - 9:00PM
Business Wire
The California Department of Financial Institutions (DFI)
announced today that regulators have closed Mirae Bank, citing
inadequate capital.
As of June 15, 2009, Mirae Bank, located in Southern California,
had total assets of approximately $411.1 million and total deposits
of approximately $338.5 million. The DFI has been closely
monitoring the bank because of its inadequate capital level. The
DFI had ordered it to increase its capital reserves to a safe and
sound level but efforts by the bank to do so were unsuccessful.
Immediately following the closure, the DFI named the Federal
Deposit Insurance Corporation (FDIC) as receiver of Mirae Bank. The
depositors of Mirae Bank are protected by the FDIC. The FDIC has
accepted a bid from Wilshire State Bank to assume all branch
deposits and significantly all the assets of Mirae Bank. For
information about FDIC deposit insurance, visit www.fdic.gov or
call toll-free 1-877-ASK-FDIC.
DFI supervises 700 state financial institutions. Maintaining the
integrity of financial services remains the primary mission of the
Department. The DFI is responsible for administering state laws
regulating state-licensed financial institutions: banks, credit
unions, industrial banks, trust companies, offices of foreign
banks, issuers of travelers� checks and payment instruments (money
orders), and money transmitters. In addition to posting information
about licensees, the DFI Web site features consumer information on
a variety of financial topics. DFI reports to Business,
Transportation & Housing Agency Secretary Dale E. Bonner and
Governor Arnold Schwarzenegger.