FDIC ANNOUNCES RECEIVERSHIP OF GUARDIAN BANK, LOS ANGELES, CALIFORNIA
FOR IMMEDIATE RELEASE
Andrew Porterfield (714) 442-1131
The Board of Directors of the Federal Deposit Insurance
Corporation today was appointed receiver of Guardian Bank, Los
Angeles, California. The bank, with total assets of $352.8
million, was closed by Stanley M. Cardenas, Acting State Bank
Superintendent, who named the FDIC receiver.
The FDIC is attempting to arrange a transaction under which
the failed bank will be acquired by a healthy bank and reopen for
business no later than Monday, January 23, 1995. If this effort
proves unsuccessful, the FDIC will move immediately to make
available depositors' funds up to the statutory insurance limit of
The FDIC expects to make an announcement of the outcome of its
efforts within the next few days.