A small bank in Covina was declared insolvent.
Independent National Bank of Covina, with assets of about $28.2 million, was declared insolvent Thursday by the office of the Comptroller of the Currency, which blamed “substantial deterioration in the quality of its loan portfolio due to inadequate management.” The Federal Deposit Insurance Corp., which took over the 3-year-old bank as receiver, did not immediately say whether the bank would be taken over by another institution.
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