SAN FRANCISCO–The California Department of Financial Institutions (DFI) Friday closed the First Vietnamese American Bank (First Vietnamese American) due to inadequate capital and lack of earnings.
First Vietnamese American is a federally insured, state-chartered commercial bank located in Westminster with total assets of approximately $46 million. Its deposits are federally insured for up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).
The FDIC was appointed the receiver of First Vietnamese American by the DFI. The FDIC has accepted a bid from Grandpoint Bank, a California state-chartered bank, to acquire First Vietnamese American and assume its deposits, except certain brokered deposits
Maintaining the integrity of financial services remains the primary mission of the DFI. The DFI oversees the secure operation of California’s state-chartered financial institutions. The DFI ensures public confidence in financial institutions by protecting the interests of depositors, borrowers, shareholders and consumers through enforcement of state laws. In addition to posting information about the DFI and its licensees, the DFI’s website features consumer tips on a variety of financial topics and consumer information brochures in seven languages.
The DFI reports to Dale E. Bonner, Secretary of the Business, Transportation and Housing Agency, and Governor Arnold Schwarzenegger.
