Fireside Bank

Fireside Bank (CA)

This Bank was recently reported by the FDIC to have given up it's Banking Charter due to it's voluntary liquidation status.  The Bank stated in a new release in 2009 that it was discontinuing making new loans and was not accepting any new deposits.  The Bank was in run-off status.  In late 2010 or early 2011 the Bank also performed a loan bulk sale with another outside company that removed all remaining performing loans from it's books.  The remaining net assets of about $225 million will be transferred back to it's Parent company as the banking subsidiary is no longer in active business. The large portfolio of prior written-off auto loans is now being worked for collection/recovery purposes.

This Bank is a clasic example of a voluntary liquidation.  All depositors have been paid-off in full at no cost to the FDIC Insurance Fund.

 

OC Steve