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Failed Bank Information
Southern Pacific Bank, Torrance, CA, Closing Information
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- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Receivership Termination
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| I. Introduction |
On February 7, 2003, Southern Pacific Bank, Torrance, California, was closed by the California Division of Financial Institutions and the Federal
Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs
of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends
to approved creditors in order of priority.
The FDIC, as Receiver, as taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as
required by law and the receivership estate is deemed terminated. |
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| II. Press Release |
| The FDIC has issued a press release about the institution’s closure. If you represent a media outlet
and would like information about the closure, please contact the FDIC Public Affairs Office at (202) 898-6993. |
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| III. Acquiring Financial Institution |
All insured deposit accounts were transferred to Beal Bank, SSB., Plano, Texas
and were available as usual during regular business hours at the former Southern Pacific Bank branches.
You may contact Beal Bank at:
Beal Bank
6000 Legacy Drive
Plano, Texas 75024
Phone: (469) 467-5000
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| IV. Priority of Claims |
The dividend process is complete. In accordance with federal law,
allowed claims are paid, after administrative expenses, in the following order of priority:
Depositors
General Unsecured Creditors
Subordinated Debt
Stockholders
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| V. Dividend Information
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Dividend
Information on Failed Financial Institutions |
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| VI. Receivership Termination |
The FDIC as Receiver for Southern Pacific Bank has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the
receivership in the Los Angeles Times on August 1, 2008.
The Receiver has made all dividend distributions required by law.
Effective December 16, 2008, the Receivership Estate has been terminated,
the Receiver was discharged and the Receivership Estate ceased
existence as a legal entity
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| General Disclaimer |
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