ENCINITAS - Pacific Coast National Bank, which had a branch in Encinitas, was closed Friday by the Office of the Comptroller of the Currency and its two branches will reopen Monday as branches of Sunwest Bank.
Depositors can access their money Friday night and over the weekend by writing checks or using automated teller machine or debit cards, LaJuan Williams-Dickerson of the Federal Deposit Insurance Corp. said.
Depositors will automatically become depositors of Sunwest Bank and continue to be insured by the FDIC, Williams-Dickerson said.
Customers should continue to use their existing branch until Sunwest Bank can fully integrate the deposit records of Pacific Coast National Bank, Williams-Dickerson said.
Pacific Coast National Bank had total assets of $134.4 million and total deposits of approximately $130.9 million as of Aug. 31, Williams-Dickerson said.
Sunwest Bank did not pay a premium to assume all the deposits of Pacific Coast National Bank. In addition to assuming all Pacific Coast National Bank's deposits, Sunwest Bank agreed to purchase essentially all of its assets.
Williams-Dickerson estimated that Pacific Coast National Bank's failure will cost the FDIC's Deposit Insurance Fund $27.4 million.
The acquisition of Pacific Coast National Bank's deposits by Sunwest Bank was the "least costly" resolution for the fund compared to the alternatives, Williams-Dickerson said.
Pacific Coast National Bank was the 123rd FDIC-insured institution to fail in the nation this year, and the 15th in California, Williams-Dickerson said.
Customers with questions about the closure can call the FDIC at (800) 913-3067 between 9 a.m. and 6 p.m. Saturday, noon to 6 p.m. Sunday and 8 a.m. to 8 p.m. weekdays.
Information is also available online at the related link.
Pacific Coast National Bank's other branch was in San Clemente.
