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Charter Savings Deposits Sold: In a transaction...

From Times Staff and Wire Reports

Charter Savings Deposits Sold: In a transaction that will ultimately cost taxpayers $34.4 million, federal thrift regulators sold the deposits and some of the assets of the failed Charter Savings Bank in Newport Beach to Torrance-based Pacific Heritage Bank, which paid a premium of $2.6 million. It will also take over Charter’s branches in Gardena and Little Tokyo in downtown Los Angeles. Pacific Heritage sold Charter’s other two branches and their deposits for an undisclosed sum to Far East National Bank in downtown Los Angeles.


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