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San Diego County News

Independent publication serving San Diego County

State closes Sonoma Valley Bank

August 23, 2010 By Staff

SAN FRANCISCO–(Businesswire)–The California Department of Financial Institutions (DFI) today announced the closure of Sonoma Valley Bank, due to the bank’s inadequate capital and weakened condition.

Sonoma Valley Bank is a federally insured, state-chartered bank based in Sonoma with total assets of approximately $329 million. Its deposits are federally insured for up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).

The DFI appointed the FDIC as receiver of Sonoma Valley Bank. The FDIC has accepted a bid to acquire Sonoma Valley Bank and assume its deposits, including all uninsured deposits.

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Filed Under: Business Tagged With: Business

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