The California Department of Financial Institutions (DFI) announced Friday that regulators have closed Mirae Bank, citing inadequate capital.
From BW: 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 FDIC has accepted a bid from Wilshire State Bank to assume all branch deposits and significantly all the assets of Mirae Bank.
Mirae bank brings the total of US bank failures to 45 this year.