Harrington West Financial Group, Inc. (fka HWFGQ)

[HDOGTX]

Harrington West Financial Group files for bankruptcy protection

Sep 13, 2010 (M2 EQUITYBITES via COMTEX) -- The holding company for Los Padres Bank, Harrington West Financial Group Inc (HWFG) (OTCBB:HWFG), said on Friday that it has filed a voluntary petition to liquidate its assets under Chapter 11 bankruptcy protection.
The company continues to operate its business as a debtor in possession under sections 1107(a) and 1108 of the Bankruptcy Code.

Los Padres Bank (LPB) was closed by the Office of Thrift Supervision on 20 August 2010 and the US Federal Deposit Insurance Corporation (FDIC) was appointed as receiver of the bank. The FDIC facilitated the acquisition of most of the loans and some securities and the assumption of the deposits and various other liabilities of LPB by Pacific Western Bank.

HWFG reported that it intends to file a liquidating plan within a few months. In the Schedules of Assets and Liabilities filed by HWFG along with its Chapter 11 petition, the company reported that its total assets as of the petition date were approximately USD579,282, plus a potential tax refund of an unknown amount. Its total liabilities were approximately USD26,004,000.




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