FDIC seizes Wilshire Bank after $4 million losses in four years.FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). seizes Wilshire Bank after $4 million losses in four years Mid City Bank has assumed the $23.8 million in deposits and all operations of mid-Wilshire-based Wilshire Bank after the one-branch bank was taken over by federal regulators. The Federal Deposit Insurance Corp. was appointed receiver of Wilshire Bank, which lost $4.5 million in the last four years, after the institution was declared insolvent INSOLVENT. This word has several meanings. It signifies a person whose estate is not sufficient to pay his debts. Civ. Code of Louisiana, art. 1980.. A person is also said to be insolvent, who is under a present inability to answer, in the ordinary course of business, the responsibility . The FDIC is assuming $2.3 million of Wilshire Bank's assets to pay off creditors and has entered into the agreement with Mid City Bank, which will operate Wilshire Bank's office as a branch. David Barr David Barr is an Australian politician. He was the Independent Member for Manly of the New South Wales Legislative Assembly from 1999 to 2007. He succeeded long-running Independent Peter Macdonald and served two terms before his defeat by Liberal candidate Mike Baird. , FDIC spokesman, said the closure of Wilshire Bank was the first bank closure in California this year and the 70th in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . |
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