Thursday, August 7, 2008

Vineyard National Bank Ordered to Stop Accepting Brokered Deposits

No connections in DC for this bank, its the cold turkey treatment here.

LaTi reports:

F]ederal regulators have ordered Vineyard National Bank of Corona to stop accepting so-called hot-money deposits ...

Vineyard has nearly $2 billion in deposits, with branches in Orange, Los Angeles, Marin, Riverside, San Bernardino and San Diego counties. ... Vineyard had nearly $2 billion in loans as of June 30, of which 48% were to home builders and developers.

In its filing with regulators Monday, Vineyard estimated that about $660 million of its nearly $2 billion in deposits are above those standard insured limits.

$660 million out of $2 billion is above FDIC insured limits, who banks like this?

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