BANKING AND FINANCE
From Times Staff and Wire Reports
Olympic National Bank Closed by Regulators: The Office of the Comptroller of the Currency said it closed the Los Angeles-based bank and appointed the Federal Deposit Insurance Corp. as receiver. The comptroller’s office, which regulates national banks, said the bank was “critically undercapitalized” and “was in an unsafe and unsound condition.” The bank in the 1980s had expanded construction lending and loans to real estate investors, but poor underwriting and loan administration standards led to increased loan losses, the comptroller’s office said.
