Failed Bank Information for Innovative Bank, Oakland, CA
On Friday, April 16, 2010, Innovative Bank was closed by the California Department of Financial Institutions. The FDIC was named Receiver. Center Bank, Los Angeles, CA acquired all deposit accounts.
The FDIC as Receiver for Innovative Bank, Oakland, CA has taken all actions necessary to terminate the Receivership Estate. The Receiver published a legal notice of intent to terminate the receivership on January 31, 2019 and has made all dividend distributions required by law.
Effective April 1, 2019, the Receiver was discharged and the Receivership Estate was terminated and ceased existence as a legal entity.
Receivership Status
TERMINATED
Effective Date: April 1, 2019
Publication Date: January 31, 2019
Beware of scams!
Please be advised you will not receive any email notification to claim, unlock or suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.
Beware of scams!
Please be advised you will not receive any email notification to claim/unlock/suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.
ACQUIRING INSTITUTION: CENTER BANK
About Center Bank
All deposit accounts, excluding certain brokered deposits, were transferred to Center Bank, Los Angeles, CA ("assuming institution"). Former Innovative Bank locations reopened as branches of Center Bank.
Your transferred deposits were separately insured from any accounts you may have already had at Center Bank for at least six months after the failure of Innovative Bank.
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Center Bank as long as the deposits are not pledged as collateral for loans.
Contacting Center Bank
Center Bank has changed its legal name and is currently doing business as Bank of Hope
You can contact Bank of Hope:
Bank of Hope
3200 Wilshire Blvd., Suite 1400
Los Angeles, CA 90010
Bank of Hope (www.bankofhope.com)
Transaction Documentation
Purchase & Assumption Agreement - PDF (1Mb)
Agreement between FDIC and acquiring institution
Bid Summary
Report on the bids to purchase the failed bank