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News Release 2008-88
July 25, 2008
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WASHINGTON — First Heritage Bank, N.A., Newport Beach, California, was closed today by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) was appointed receiver. First Heritage Bank, with approximately $250 million in assets, was chartered as a national bank in 2005. The OCC’s action follows the closing today of the bank’s affiliate First National Bank of Nevada, Reno, Nevada.
The OCC acted after finding that the bank was critically undercapitalized. The OCC also found that the bank had incurred and is likely to incur losses that will deplete all or substantially all of its capital, and there is no reasonable prospect that the bank will become adequately capitalized without federal assistance.
The FDIC will release information about the resolution of the bank.
Kevin M. Mukri (202) 874-5770