August 14, 2009
OCC Appoints Receiver for Union Bank, N.A.
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Union Bank, National Association, Gilbert, Arizona. As of June 30, 2009, the bank had approximately $120 million of total assets.
The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. The OCC also found that the bank incurred losses that depleted its capital, the bank is critically undercapitalized, 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.