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SAN FRANCISCO, Jan 29, 2010 (BUSINESS WIRE) -- The California Department of Financial Institutions (DFI) today announced that First Regional Bank (First Regional) was closed and ordered to be liquidated, citing inadequate liquidity and inadequate capital.
First Regional is a federally insured, state-chartered commercial bank based in Los Angeles with total assets of approximately $2 billion. Its deposits are federally insured for up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).
The FDIC was appointed the reciever of First Regional by the DFI. The FDIC has accepted a bid from First Citizens Bank of North Carolina to acquire First Regional and assume its deposits, including all uninsured deposits. For information about FDIC coverage limits and requirements, visit or call toll-free 1-877-ASK-FDIC.
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.
Did that just hit?
FRGB has been shuttered:
Calif: First Citizens Bank Of North Carolina To Acquire First Regional
Looks like the bank just got taken over :(
Bank Closing Information - January 29, 2010
"No advance notice is given to the public when a financial institution is closed."
http://www.fdic.gov/index.html
Community Bank & Trust, Cornelia, GA
Marshall Bank, Hallock, MN
Florida Community Bank, Immokalee, FL
First National Bank of Georgia, Carrollton, GA
http://www.fdic.gov/bank/individual/failed/banklist.html
Failed Bank List
I noticed that too. Hoping for the best here but its hard telling what will happen. I'm still confused to why the stock was halted this morning. Banks usually don't know till the very last minute that they are being taken over.
Banks are being added..just added 4th bank
Its Community Bank and Trust Georgia..SCBT Orangeburg, SC
to assume all deposits.
Yea, this does suck! It just seems like the FDIC would wait another week to take it over though. Hopefully we don't have to wait till midnight to find out what happens.
Honestly, I think it can happen until midnight. Look at CBBO...
on the failed bank list..the announcement of the closure
was 11:51..PM!! Insane.
I honestly don't know what to think, darn it!
How does the FDIC usually announce the takeovers? Do they normall announce them all at the same time or do they announce them as the banks close for the day? All three banks that have been shuttered so far are from the east coast.
2 of the 3 FDIC seizures today were acquired by other banks...
I couldn't find anything on Marshall Bank
Florida Community Bank was acquired by Premier American
First National Bank of Georgia acquired by Community and Southern
Bank
Just an FYI
FRGB not on updated 1/29/10 FDIC Bank failure list. A good sign.
CBBO announced FDIC closure at 11:51PM! 1/22/10..I want a PR!
Still hoping for the best though.
Thanks PIE...I just put a post asking if you knew closing time!LOL
I'm telling you Betsy who answered at FRGB knew nothing about halt
So I don't know what to make of this former employee
texting everyone in the bank?
Looked online to see bank hours. I don't see anything.
Anyone know what time it closes.
Ahhhh..I hope they don't make us wait all weekend.
Wonder if the bank is open Saturday or if so WILL by open
Saturday. Wish I was in that parking lot as employees exit
...fly on the wall!
Bank closes in 30 minutes ... soon enough we'll know.
Drum Roll...........................
Just one kid outside on the sat. view.
http://maps.google.com/maps?hl=en&tab=wl&q=1801%20Century%20Park%20East%201801%20Suite%20800%20Los%20Angeles%2C%20CA%2090067%20
First Regional Bancorp
1801 Century Park East
Suite 800
Los Angeles, CA 90067
United States - Map
Phone: 310-552-1776
Fax: 310-552-1772
Web Site: http://www.firstregional.com
http://maps.yahoo.com/map?q1=1801%20Century%20Park%20East%20Suite%20800%20Los%20Angeles%20CA%2090067%20United%20States&mag=5&ard=1#q1=1801 Century Park East Suite 800 Los Angeles CA 90067 United States&mag=5&ard=1
Yahoo message board says FDIC takeover. He was texting and e-mailing employees all day. At least that's what he says.
That transaction is Mr Sweeney distributing shares "by will or laws of descent and distribution" (code W) ownprivateidaho...
Precisely, it is by virtue of the Irrevocable Trusts (see the notes on the Form 4).
It's really a non-event in terms of being bullish or bearish.
That is another reason why I don't think they are going to be taken over by the FDIC. $13 million is quite a bit to be getting back which would help them out a lot.
Look at the 11/23/09 report on this site about TAX RECOVERY..
It says it would add 1.15 to the share price.
So confused. Why even say that if it wasn't going to happen?
From yahoo board:
I went into their headquarters at 1801 Century Park East. The first floor branch referred me to the 8th floor (headquarters). On the 8th floor, I was told that a news statement would be released later today. I told them I was a depositor and asked if funds are safe. They said everything is safe.
I guess this would only be good if he has more than 250k in the bank.
wisest thing i have heard so far....... pots right.... now lets flop them cards!!
People that are calling the company seem to think that something big is going to be announced this afternoon. Come Monday, FRGB will either be trading at around .15 or $2-3+ depending on what the news is IMO.
bingo... count down works may be 10 minutes.
it means its time to get out from in front of the mind numbing computer, get some fresh air, and drink a few beers. thats what im about to do anyway...
i just hope we are cheering and howling at the moon come monday...
Apro, I asked about the chng ownshp on this site dated 1/20/10!
What does it mean? Anyone? Anyone?
you rock and stay away from my wife... tia. lol.
I don't think that he is right but who knows. The bank is in California so it doesn't make since to announce it at 4:00 today which is before the banks close. This could cause a run on the bank which is something the FDIC doen't want to happen.
Now that is actually a fact...sporting a 30" now myself.
Are you really taking what some poster on a yahoo message board stated as fact? Wait for the news before you panic. Geesh.
someone on the yahoo board also said i could increase my penis size to 30" long for 19.99... whatever. obviously nobody is sure exactly what is happening. we will hear something soon. personally, im not worried. giddy actually....
FDIC will take control of First Regional Bank as of 4pm PST today.
So, what does this mean......????????
I do not have as much as you...I have 3 grand invested in this POS, I hope to get some back.....DARN
Would someone click the benef chne/ownrshp 1/20/10 on this site
and explain. Looks like a change in ownership of shares
to family? I don't understand what I'm looking at.
It's a beneficial change in ownership dates 1/20/10
right here on Ihub at the top where press releases are.
It's the most recent one.
Thanks guys!
Pass the Pepto please....
I saw that message too.
Being that the halt was BEFORE a takeover that's backwards
from what happened with CBBO.
Friday was the takeover and the following Monday was
T-12 halt on that one.
I just can't believe with over 2Bill in assets they couldn't
close a branch or something. The property values of these
regional branches are HUGE..if..they own them all..why
wouldn't they just sell an asset?
Someone on the Yahoo board is claiming that he has reliable information that the bank will be taken over by the FDIC at 4:00 today. :( I won't believe it till I see it though.
Either way, I think I am going to throw up.
Your not the only one...lol. I could be minutes away from loosing 20 grand or making good money on good news. Which will it be?
waiting,,,,,sitting on pins and needles.....
with all due respect hero, the process to regain compliance does not typically end up with a T.12 Halt... let's logically work thru this:
1. T.12 = need more data from the company.
2. Stock trading history is not something the company has to provide the market on which their stock is trading-- is it?
Regaining Compliance-- be it by market cap or minimum bid -- is seemless to trading activity...
I cannot think of 1 time where the company's stock was halted so that Nasdaq could review the stock price-- again, data which the poster is suggesting originates from a company provided document -- and then resume its trading.
Is there a precedent you can point to?
How about a copy of the correspondance to Nasdaq?
Also, if your just "speculating" I think think we can rule that out given the rule for market cap applies to public float shares only...
Assuming the reported float on finviz is accurate, the stock price needs to trade above $0.665 and it obviously isn't there yet.
The only way to have market cap currently meet the requirement under your scenario, would be for all the current Outstanding Shares to be in the Public Float and that is not the case...
Are you suggesting all the insiders turned over their shares?
http://www.nasdaq.com/services/DelDefOpenReport.pdf
http://nasdaq.cchwallstreet.com/NASDAQTools/PlatformViewer.asp?selectednode=chp%5F1%5F1%5F4%5F2&manual=%2Fnasdaq%2Fmain%2Fnasdaq%2Dequityrules%2F
So after thinking about it a little more, I think I know why it might be halted. Correct me if I am wrong, but insiders are not allowed to buy stock 30 days before earnings are released and an insider recently bought 84k shares last week. Could this be why its halted?
I hope you guys are coorect that we come out of this smiling......GLTA
be cool bro and wait two or three hours and you should know the direction...LOL
Low float & not many shares.. I think a buyout would be 1.75 - 4.50 a share. Now, if an announcement is made about a tender offer, we would open pretty close to whatever figure that is.
We should all consider ourselves lucky thet we got in by yesterday. Either way, this is gonna be a pretty hot board 2night w/ any announcement. Damn!! I'm running out of free posts!! lol
too cheap to buy a memebership lol
The rep at etrade said a 'tender offer' could be made on buyout
Tender offer over time...don't understand the time thing, but
they could offer so much for our shares because if the bank
files bankrupcy for reorganization the shareholders are
considered debt.
We will find out after the bell I understand. I like yer scenario better!! I never got caught inside a buyout.. That would be exceptional!
-Hero
I GOT IT. There getting bought out. And here’s why. They are at a T12 which requires more information from NASDAQ. If it wasn’t a big deal, they wouldn’t have halted The number is probably so much higher than .65 that NASDAQ needed more info. They will then move to a T1 and T2 and so on. They’ve got $2 in cash, and a $1.15 tax break coming back to them. That’s $3.15 a share right there. They have over $2 billion in assets. You now have government TARP “if they want it”. And lastly, the insiders were buying just a few days ago. Thoughts?????
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this board is dedicated to the regional banks and our specific one in particular and shall attempt to dispense information and guidance as to the greatness of this bank and all that invest....
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