First California Financial Group (FCAL)

[56Chevy]

Yes, I read real good.

Not only was the SNLS bank building leased by FCAL but Brad Lyon is evidently under the impression SNLS shares are worthless. I'm sure you know who he is.

San Luis Trust Bank of California Fails And Sold To Bank With Unpaid TARP Loan

San Luis Trust Bank, FSB, San Luis Obispo, California, was closed today by the Office of Thrift Supervision which appointed the FDIC as receiver. The FDIC sold the failed bank to First California Bank, Westlake Village, California. First California will assume all deposits of the failed bank.

San Luis Trust was beset by a high level of defaults from risky land development and construction loans made at the peak of the real estate bubble. The Bank was issued a Cease and Desist Order by the OTS on November 2, 2009 and ordered to raise additional capital.

In response to the order to raise additional capital, the president of San Luis, Brad Lyon, indicated that he foresaw no problem raising additional capital stating “None of it is fun, but for us, it is certainly doable”. Shareholders of San Luis who took Mr. Lyon for his word may now wish that they had sold when the Cease and Desist order was issued. The Bank was not able to raise additional capital and the Bank’s shares are now worthless, closing Friday at 13 cents.

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http://problembanklist.com/san-luis-trust-bank-of-california-fails-and-sold-to-bank-with-unpaid-tarp-loan-0316/