Failed Bank Information
Information for Southern Pacific Bank, Torrance, CA
- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Receivership Termination
I. Introduction
On February 7, 2003, Southern Pacific Bank, Torrance, CA 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, has 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.
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.
III. Acquiring Financial Institution
All insured deposit accounts were transferred to Beal Bank, SSB., Plano, TX 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, TX 75024
Phone: (469) 467-5000
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
V. Dividend Information
Dividend Information on Failed Financial Institutions
VI. Receivership Termination
The FDIC as Receiver for Southern Pacific Bank, Torrance, CA 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.